On Tuesday June 18, 2019, Axios wrote:
The company's Libra coin will be backed by an independent foundation and is expected to launch next year.
After nearly a year of speculation which will be called Libra and debut in 2020.
Why it matters: With more than two billion users government, or organization.
The details: While Facebook has spent the past year working in house on the plans and technology for Libra, the cryptocurrency will be managed by a separate Switzerland-based foundation initially backed by Facebook and 27 other organizations.
Facebook’s connection to Libra will be as a member of the governing foundation and as the maker of a digital wallet for sending and receiving the currency. Calibra will be managed by a wholly-owned subsidiary of Facebook.