As global markets collectively hold their breath awaiting the Libra whitepaper, which has the potential to change the face of finance, technology, social media, and payments world as we know it, some are masking their fear in predictions. Facebook is on the brink of finally unveiling their GlobalCoin project, as well as a list of Project Libra’s official backers, and old foes are not pleased.
Cameron and Tyler Winklevoss, spearheads of the Gemini Exchange and the stablecoin project of the same name, don’t seem too pleased with the prospects of a Facebook-made coin, a company they famously sued in 2004. Further, the Menlo Park giant’s plan of channeling this “GlobalCoin” via their messaging application and backing the same by a basket of fiat currencies puts it firmly in the fold of the stablecoins. This threatens the cause of the Gemini Dollar [GUSD] as well.
With the launch of the Libra project only hours away, the twins mulled over the prospects of another premier coin arising from other top non-crypto inclined companies. Taking a cue from Zuckerberg’s Facebook, other top companies could release their own version of cryptocurrencies, predicted both Cameron and Tyler Winklevoss in a series of tweets.
Tyler posed the same as a question, hinting at the possibility of the torch being passed from Menlo Park, California to Seattle, Washington, the home of the largest e-commerce company in the world, Amazon. Tyler tweeted,
Which FAANG company will be next to announce a stablecoin? Amazon?
— Tyler Winklevoss (@tylerwinklevoss) June 17, 2019
Cameron issued a tweet of his own, responding to Tyler’s question by saying,
Prediction: ever FAANG company will have its own coin within 24 months.
— Cameron Winklevoss (@winklevoss) June 17, 2019
If this does turn out to be true, we might be seeing Jeff Bezos taking a cue from Zuckerberg and following the zodiac terminology, by launching something like Amazon Leo [AML] token in the future.
It was not too long ago when the Gemini founders were hailed within the cryptocurrency space for their adoption efforts through their partnership with the payments start-up Flexa. Through this collaboration, the likes of Starbucks, Whole Foods and Nordstrom began accepting crypto, a major retail breakthrough for the industry.
Despite the news being a month old, the Winklevoss twins adoption miracle is firmly in the rear-view mirror, with Facebook’s Libra stealing the limelight.
With Libra soon to be operational, essentially as a basket-backed stablecoin platformed on the biggest messaging application in the world and, as rumors go, pushed into one of the biggest messaging, payments and remittance markets in the world, India, other stablecoins will have to be wary. Gemini, a recent entrant into the stablecoin space, will have a lot to worry about given the fact that the likes of Tether [USDT] and USD Coin [USDC] do not look likely to fall to Libra anytime soon.
Only time will tell what the exact intentions of the Libra project are. Will they mount the retail world as a digital equivalent for fiat, will remittance be their sole objective given the target markets or, with an eye towards the growing $300 billion cryptocurrency market, will they overhaul the stablecoin world altogether?
As Zodiac signs go, Gemini concludes on June 21. However, with the imminent launch of Facebook’s Libra, many predict the twins’ time has come.
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