Reports Claim Amazon-Backed Crypto Might Be Libra’s Biggest Threat

cryptowarrior88 (59)in #cryptocurrency • 5 years ago

Ever since Facebook revealed to the world the cryptocurrency dubbed as Libra, many projects have come forward to challenge the initiative with some claiming to be Libra-killers.

One of these projects comes from one of the largest cryptocurrency exchange by trading volume, Binance, which plans to develop localized stablecoins and digital assets pegged to fiat currencies across the world. called the Project Venus.

Another one is Metal Play with one of its founders, the flamboyant young bitcoin millionaire Erik Finman touting it will be the libra-killer, however, a financial analytics company claims that the biggest threat to Libra is a possible project from another tech giant, Amazon.

According to a recent survey by Cindicator 22.62% of analysts named Amazon as the most likely to announce its own cryptocurrency and being the world’s largest online retailer could be a game-changer and potentially snatch a significant market share from Libra.

The Cindicator reports also suggest that for Facebook’s cryptocurrency to gain a wide acceptance it needs to rehabilitate its bad reputation for selling user data as well as data privacy violations.