Social media giant Facebook's cryptocurrency experiment Libra/Diem was shut down. They sold the project to Silvergate Bank January 2022 and Silvergate wrote off the investment as a loss in January 2023. 

Their intent was to make money transfer painless, like sending messages and images. The currency was being built by a collective of other top firms that will universally accept the payment method. Their proposal was to create a safe, stable coin, by leveraging the network affect of their existing platform for distribution.

Some of the challenges the collective aspired to take on:

• 31% of the world’s population don’t have a bank account.
  • High costs and transaction charges for global transfer
• The un-banked often pay higher fees for cash based money movement.

We understand the motive and vision hidden behind designing most cryptocurrencies, including Libra, to foster open access to financial markets. The Libra Blockchain is a programmable and decentralized database developed to support a more constant cryptocurrency that will have the potential to serve as a well-organized channel of exchange for billions of people all around the world. Libra is said to be setup as a separate independent association, not focused on profits. The Libra protocol scheme leverages blockchain technology to develop a financial infrastructure openly accessible, lowering hurdles to entry, and enhances reach to financial services.

Thanks to Abishai James for his contribution to this article both in content and imagery. He wrote a much more detailed piece on Libra on his website.  Bringing digital financial services to you, while improving ease of access is our goal. Let us know your thoughts on the impact this will have in the comments below.