Will Different Wallets Support Facebook’s Cryptocurrency?

Will Different Wallets Support Facebook’s Cryptocurrency?

According to the official news and reports, the cryptocurrency the big Facebook company enters the market in the form of a stablecoin called “Libra” will not be publicly released till 2020. Digital wallet of Facebook for this stablecoin will enter the market on that date. But apparently, despite the time ahead for the public release of this currency, there are still various startups which have addressed competing each other in supporting Libra in their digital wallets.

Which Startups Support Libra?

While no clear future has been defined for Libra, some startups like ZenGo have started offering digital wallets. This wallet which can be used by Apple users allows its present users to enter their page as a trial and examine this application. Among other features of this application are buying Bitcoin, Ethereum and Binance Coin. These trades will be possible with apple pay and the credit cards of apple mobile users. It is not obvious where Facebook will go. Since the U.S. regulators and government have much concern in probable abuses from this new infrastructure and Facebook managers have announced that they will not release this stablecoin until all its security and public problems resolve.

Have Startups Made Haste in Supporting Libra?

As it was stated before, the status of Libra’s release is not exactly determined; hence, the attempt of some startups to enter the issue of supporting this cryptocurrency seems very much hasty. In addition, their competition with Facebook’s unique wallet for Libra which is set to enter the market under the name of Colibra is very much difficult. Facebook social network has many users; that is, Libra has not yet entered the market, but there are about 24 billion active users for it in a month. The competition with such wallets might be more difficult than what it looks and the startups should be a little patient. ZenGo has now been designed for Apple phones, but it intends to enter Android environment and follow its activity more widely.

Will Startups Be Successful in Cooperating with Facebook?

Facebook intends to make digital wallets related to Libra available on different platforms and messengers. So, the use of digital wallets of different startups will be possible too. Some believe that the measures of some companies to enter digital wallets of cryptocurrencies before Facebook releases its cryptocurrency doesn’t have a rational excuse at all. The government of the U.S. might influence the activity and presence of these cryptocurrencies through some rules and prohibitions. If it occurs, all attempts of the mentioned companies and startups will be futile. Is such an approach correct?

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