RATE Group | Inside Facebook’s Botched Attempt to Start a New Cryptocurrency
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Inside Facebook’s Botched Attempt to Start a New Cryptocurrency

17 Oct Inside Facebook’s Botched Attempt to Start a New Cryptocurrency

Posted at 11:05h in Cryptocurrency News by

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David Marcus

gathered a team inside

Facebook Inc.

’s headquarters in May to toast a skunk works project a year in the making: a bitcoin-like payments system that the social-media giant figured would upend the global flow of money.

“We’re going to change the world,” Mr. Marcus, a Facebook executive and the project’s architect, told employees as they sipped Champagne, according to a person familiar with the matter.

Turns out, changing the world isn’t so easy.

Five months later, the libra project is on life support after high-profile backers dropped out of the network under pressure from lawmakers and regulators. President Trump, Federal Reserve Chairman

Jerome Powell

and

Rep. Maxine Waters,

the Democratic chairwoman of the House Financial Services Committee—three people who agree on little—have all criticized it. European officials are trying to halt its launch.

With…

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