Facebook Libra

2019 - 2020

Libra was Facebook’s dream of a unified global currency. A new digital currency backed by the worlds largest social networking company. However, world leaders and the central banks opposed privatizing the money supply, and important partners such as PayPal, Visa, and MasterCard withdraw their initial support. The failure of Libra is a reminder that the ‘fail-fast-and-break-things approach’ of Silicon Valley isn’t always a guarantee for success. Libra was renamed Diem in December 2020.

Additional info:

Financial Times - Facebook Libra: the inside story of how the company’s cryptocurrency dream died