Home News Facebook, MercadoLibre Partner for Libra Blockchain Project

Facebook, MercadoLibre Partner for Libra Blockchain Project

by Monica Padillo

Facebook and MercadoLibre, an Argentina-based online marketplace company, have partnered to work on the former’s Libra blockchain project.

As part of the partnership, Facebook’s U.S. Dollar-pegged cryptocurrency will be used as a form of payment into e-commerce platform, while MercadoLibre will potentially serve as a node in social media giant’s planned blockchain network, according to a report by Cointelegraph.

In other recent news, Facebook plans to unveil on June 18 a Geneva-based group called the Libra Association, which will be tasked to administer the Libra project.

The report comes after firms from different industries such as Visa, Mastercard, PayPal, and Uber expressed their support for the forthcoming blockchain project by each placing an investment of $10 million or so.

The American firm also intends to launch the testnet of the Libra blockchain some time this week.