Facebook’s Cryptocurrency Libra Starting To Face Competition A Year Before Release

New challenges are already coming up as Facebook struggles with the launch of its cryptocurrency called Libra. The latest challenger being the MTL Coin by Metal Pay.

In an interview, Erik Finman told MarketWatch that Metal Pay is what Libra could have and should have been but it is late and MTL is the game changer now. He claimed it to be the first challenger to Libra, saying they’re ‘anti-Libra’.

He further told about a confidential amount of money he invested in the Metal Pay platform, which Marshall Hayner leads. Metal Pay was launched in 2018, Hayner and Finman picture it as Venmo for cryptocurrency, as the concept of Libra.

The main difference between Libra Coin and Metal Pay is that it currently operates on a digitally distributed-ledger system or decentralized blockchain. That doesn’t make Libra less attractive for online investors, regardless of their field – an exchange or a platform like Bitcoin Loophole.

Metal Coins are presented as rewards to people who verify transactions on the open network. Whereas for Libra, transactions are verified by a specific group of validators or nodes.

Another major difference between the two is that MTL is already in business, which Finman says is because of Hayner’s patience while obtaining licenses to run the wallet in more than 36 U.S. States.

He says they have obtained all legal requirements and talked with regulators way before launching the platform. Whereas Libra will be available on Whatsapp and messenger after getting launched in 2020, led by Davis Marcus.

However, that venture for Facebook has faced real backlash from U.S lawmakers and regulators. This is because Facebook has been involved in a lot of privacy scandals and the authority doesn’t think it deserves their or the people’s trust. It would be a mistake according to them to give Facebook a chance to play with people’s money.

Steven Mnuchin, treasury secretary has “very serious concerns” about Libra being used for illegal purposes. Calibra is bound to run the digital wallet and Libra Association is to oversee the whole network.

Another challenger that Libra faces is ZenGo, based in Israel. Calibra allows users to store Libra test funds before its scheduled launch in 2019.

Metal has experienced a soaring growth since its launch in September 2018 with around 130,000 users. Hayner informs CoinDesk about the company processing nearly $1 million per month in cryptocurrency.


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