#Facebook's Libra Crypto Gets Ready to Launch in January as a Single Coin

Facebook's Libra Crypto Gets Ready to Launch in January as a Single Coin

Facebook’s libra cryptocurrency is reportedly preparing to launch with a single cryptocurrency, a scaled-down version of its original plan. The launch date for Facebook’s libra could be as early as January.

Launch Date for Facebook’s Libra

The cryptocurrency libra, proposed by social media giant Facebook, is reportedly preparing to launch as early as January next year. However, only a limited version of the libra cryptocurrency will launch at that time.

According to the revised libra whitepaper, the Libra Association intended to initially launch with some of the currencies in the proposed libra basket, such as “librausd or ≋USD, libraeur or ≋EUR, libragbp or ≋GBP, librasgd or ≋SGD),” the association explained. However, the Financial Times reported Friday:

The association would now initially just launch a single coin backed one-for-one by the dollar … The other currencies and the composite would be rolled out at a later point.

The exact launch date for the libra crypto would depend on when the project receives approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). Three people familiar with the matter told the publication that it could come as early as January. Libra’s application was initiated in May.