Facebook Libra

2019 - 2020

Libra was Facebook’s dream of a unified global currency. A new digital currency backed by big investments from the world's largest social networking company. This can become a thing, right?

No. World leaders and the central banks opposed privatizing the money supply, and important partners such as PayPal, Visa, and MasterCard withdrew their initial support due to Facebook’s data privacy scandals. 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.

Additional info:

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