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“Mainstream Financial Services Players Getting on the Crypto Bandwagon,” says Libra Creator David Marcus

Christian Klausen

ByChristian Klausen

Oct 26, 2020

Libra hopes to get exposure after cryptocurrency gets approval from giant financial institutions, such as PayPal. According to Libra board member David Marcus, mainstream banks are following the footsteps of PayPal in recognizing the potential of Bitcoin.

“Turning a Corner”

In his latest tweet, Libra co-creator says they are “turning a corner” as “mainstream financial services players getting on the crypto bandwagon.”

Libra project was rolled out by the social giant Facebook with the support of tech giants. But due to the crackdown of the US regulators, major founding members, such as Mastercard, Stripe, Ebay, and Vodafone, left the Libra Association.

Recently, payment giant PayPal announced the support of selling, buying, and storing of crypto assets. After PayPal’s announcement, cryptocurrency markets have witnessed a boom in value as top digital asset Bitcoin touched a yearly high of $13,300. The interest of a payment giant has inspired other banks to join the crypto bandwagon.

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After entry into the crypto world in 2028, the project has faced many difficulties from the congressional inquiry. Similarly, it also faces criticism from other institutions as Apple CEO Tim Cook considers it Facebook’s deliberate effort to grab the power of the financial system.

Marcus also performed as chief executive of PayPal from 2013 to 2014. He joined the payment giant at the time of Zong acquisition. But after then he stepped down as a CEO and worked with Facebook to launch a cryptocurrency project called Libra.

Mixed Reactions over Tweet

Over tweet of the Libra board member, crypto members expressed mixed reactions from encouragement to negative comments. For instance, crypto experts and VR meetup organizer Udi Wertheimer asked Marcus to support Bitcoin besides Libra on digital wallet Novi as the wallet program is also running by Marcus.

Another crypto member asked him to “get the 1st mover advantage and work hand and hand with decentralized projects.” According to Twitter user Stoney Bitson, Libra is “dead and was a terrible idea.”

Not only PayPal, but other financial giants are also appreciating the cryptocurrency. In its latest notice to investors, JPMorgan seems bullish over Bitcoin and calls it the best gold alternative.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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