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PayPal Cautious About Future of Facebook’s Libra Cryptocurrency

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PayPal is cautious about the future of Facebook-backed cryptocurrency Libra, which is slated to debut with the pioneering digital payments firm as part of its oversight association. International outcry is mounting over Libra — with central banks, governments and regulators railing against Facebook’s upstart cryptocurrency and questions over how it would be regulated.

The social media giant unveiled plans in June for Libra — which will roll out in 2020 — to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units.

“It’s a non-binding commitment,” PayPal investor relations vice president Gabrielle Rabinovitch said Thursday of the California-based company signing on to the Libra Association.

“And obviously, I think there’s a lot of work to happen before we get to that point where it becomes something more than just a very exciting idea.”

The nonprofit Libra Association, based in Geneva, will oversee the blockchain-based coin, maintaining a real-world asset reserve to keep its value stable.

Facebook envisioned Libra as a new global cryptocurrency, pledging to deliver a stable virtual money that lives on smartphones and could bring over a billion “unbanked” people into the financial system.

Hundreds of billions of dollars are transferred annually between migrants and loved ones in their home countries, and PayPal is a player in that sector.

“The goals and ambitions of Libra are very consistent with PayPal’s overall ambitions in terms of serving the underserved; democratising access to capital,” Rabinovitch said.

“So we very much believe in the potential of Libra.”



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Siri won’t set your music default in iOS 14.5 – it’s more complicated than that

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Apple is not allowing iPhone users to set their music service of choice, despite suggestions of that from the iOS 14.5 beta, dashing hopes that Spotify, TIDAL, and others might be given equal footing with Apple Music. It wasn’t long after the iOS 14.5 and iPadOS 14.5 betas were released in February before people started noticing that Siri was expressing … Continue reading

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Google is speeding up Chrome updates later this year for a big reason

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Google announced today that it will be speeding up Chrome releases later this year. Currently, Google pushes major updates out to Chrome on a six-week timeline, but this fall, that’ll switch to a four-week timeline. Google said today that this won’t necessarily speed up the rate at which new features are added to Chrome, but it will allow the company … Continue reading

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Elgato’s new mouse mat doubles as a green screen (and it’s genius)

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If you’ve stopped by Twitch anytime in the past few years, you’ve likely noticed that a lot of streamers are using green screens these days. Rather than show the room around them with their webcam, they’ll instead use chroma keys and green screens to hide everything except for them, keeping the focus entirely on themselves and the gameplay. Green screens … Continue reading

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