Amazon’s Cryptocurrency Is Facebook’s Libra Biggest Threat

Amazon’s cryptocurrency is currently the biggest threat for Facebook’s Libra crypto project according to some analysts and why is this the case we are about to find out in the coming altcoin news below.

Since Facebook announced its crypto projects, several other projects came up to the surface as well and unveiled themselves to be the potential killers of Libra. This includes Venus which is Binance’s crypto project that aims to develop localized stablecoins and digital assets that will be pegged to fiat currencies across the world. But for the analysts, Amazon is a much bigger threat to the Social media giant’s cryptocurrency. Facebook should fear Amazon because more than a fifth of the survey panel was more convinced that Amazon has a better chance of launching a strong cryptocurrency in the near future:

‘’…22.62% of analysts named Amazon as the most likely to announce its own cryptocurrency…’’

Being the biggest online retailer in the world, the launch of a cryptocurrency by Amazon used for making online payments could be a potential game-changer and could even potentially snatch a huge chunk of the market share from Libra. The online retail giant, however, has denied such plans previously and the most recent one was in June when the VP of Amazon Pay Patrick Gauthier stated that Libra as only a speculative play:

‘’Libra… I think it’s fresh, it’s speculative. At Amazon, we deal in not really in the speculative but in the now.’’

Aside from Amazon’s cryptocurrency, there are some other potential threats to Facebook’s Libra. Google and Apple are also tech giants who are diving deep into the crypto world. Other US-based companies are also posing a threat to Libra including IBM, Twitter, Walmart, and Microsoft. Asian companies such as Samsung and Alibaba are also considered a threat. Other reports from Cindicator analytics company suggest that Facebook’s cryptocurrency will only gain wide adoption if the company rehabilitates the reputation which has been destroyed by years of negative press regarding the data privacy violations. Among the surveyed analysts who stated they will not use Libra, more than 29.31 percent revealed they will not do so because they lost their trust in Facebook.

Facebook indicated that one of the reasons they created a subsidiary for Libra- Calibra was to ensure that the financial data and social data of the users will remain separated, as per the reports that reached the best cryptocurrency news sites.