Facebook was entitled to one vote, just like the other members of the association. Instead, the association was made up of 28 founding partners, which included Mastercard, Visa, eBay, and a number of other companies. The stablecoins would have been denominated in single G3 currencies (USD, EUR, GBP) but there were also plans to introduce a multi-currency stablecoin based on a basket of currencies.ĭiem Association was to act as a regulatory body for the cryptocurrency and it was not to be run solely by Facebook. The basket allows the cryptocurrency to have a relatively stable price. As individuals exchange their local currency for tokens, the association was to ensure that the tokens were backed by a basket of major currencies and securities.

Tokens were intended to be monitored and kept track of by the not-for-profit organization Libra Association (renamed the Diem Association). The cryptocurrency was meant to be a medium of exchange at any business that supports its use. By cashing in dollars, you can receive Libra tokens.

Libra (and subsequently, Diem) would have been purchased, held, and used by cryptocurrency wallet applications. The blockchain technology behind Libra (and eventually Diem) was sold to Silvergate Capital Corporation in January 2022.It was a stablecoin, which meant that it would be backed by a basket of assets, which include major currencies and government debt securities, which give the cryptocurrency stability.The digital currency was renamed Diem in 2020 and in 2022, was wound down in 2022. Libra was a cryptocurrency created by Facebook, designed to be a simple, low-fee stablecoin to be used around the world.

Easy libra drawing