Facebook’s ‘Libra’ will grow cryptocurrency market: CoinList’s Andy Bromberg
Facebook’s cryptocurrency project Libra, unveiled Tuesday, will expand the growth of the digital currency market, according to CoinList co-founder Andy Bromberg.
“I think that the biggest thing that crypto space needs right now is adoption and awareness,” he said during an exclusive interview with FOX Business’ Liz Claman. “And there’s nothing better than Facebook with its billions of users being exposed to cryptocurrency for the first time.”
The social media giant is rolling out a new digital wallet as a potential new revenue stream for Facebook.
Bromberg said Facebook’s privacy issues shouldn’t stain its new product initiative.
“What [Facebook is] going to do is tell a lot of people all around the world, build cryptocurrency get them excited about the concept and that will lead to even more adoption in the space,” he said.
Facebook’s entry into the cryptocurrency world shouldn’t be categorized as “unfair” for the digital currency space, Bromberg noted. He added that the digital currency market needs Facebook’s Libra in order for it to fully grow.
“The more people that get in, the more interest there is, the bigger the markets get,” he said. “Facebook, by entering with Libra is going to grow the pie.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FB | n.a. | n.a. | n.a. | n.a. |
| V | VISA INC. | 275.16 | +0.14 | +0.05% |
| PYPL | PAYPAL HOLDINGS INC. | 64.10 | -0.74 | -1.14% |
| UBER | UBER TECHNOLOGIES INC. | 69.31 | -0.05 | -0.07% |
The digital wallet is expected to launch in 2020 and will become available through Messenger, WhatsApp and as a standalone app, Facebook said in a statement posted to its website. It will partner early on with Visa, PayPal and Uber.
Bromberg warns banking institutions should be concerned over Facebook’s “Project Libra.”
“Facebook is making a big move here and suggesting that, perhaps, a decentralized or semi-decentralized type of money, type of asset, type of store value, is better than a centralized one,” he said.
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CoinList helps cryptocurrency companies and networks run and manage their token sales.