Facebook abandons Libra and will integrate stablecoins

• Facebook is in talks with the issuers of popular stablecoins Circle and Paxos.
• Apparently Facebookhas finally abandoned the development of Libra and will rely on working with existing stablecoins.

According to The Block, Facebookdiscusses options for cooperation with issuers of popular stablecoins Circle and Paxos. Circle is the operator of USDC and is part of the Center consortium, which is the issuer of this stablecoin. Paxos has released other popular stablecoins such as Paxos Standard (PAX), Binance USD (BUSD), and Paxos Gold (PAXG).

Both companies are taking active measures toexpanding their activities, and also provide detailed reporting on the work done. Thus, Paxos recently announced a partnership with Bank of America and Founders Fund, and Circle raised $440 million and announced plans to enter the stock market.

According to The Block, there is reason to believe that it is precisely because of the desire to attract such a large partner as Facebook that companies publicly attack each other.

“Perhaps this is why Paxos and Circle have been publicly lashing out at each other lately. They want to attract such large accounts "- writes journalist The Block Frank Chaparro.

At the same time, Facebook appears to befaced yet another discontent from regulators, so it was forced to stop developing the Novi Financial division and focus on partnerships with existing stablecoin issuers.

In 2019, Facebook announced the developmentits own stablecoin, Libra (later renamed Diem), which was supposed to be backed by a whole basket of currencies. In parallel with this, Telegram began developing its own blockchain project TON. Many representatives of the crypto industry were then inspired by the fact that such giants began to pay attention to promising technology. However, the reality turned out to be much sadder.

First, the SEC banned Telegram from launching itsproduct, meanwhile, regulators in many countries began to express obvious dissatisfaction with Facebook's initiative. Initially, the company acquired such world-famous partners as Booking, eBay, Mastercard, PayPal and Visa, but soon many of them refused to cooperate due to regulatory persecution by Facebook.

In May 2020, Facebook announced the creation ofdivision of Novi Financial to develop a digital wallet for Libra. However, in all likelihood, this initiative will also be closed due to pressure from the authorities.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	FTX	https://ftx.com	7.5
3	Bybit	https://bybit.com	7.2
4	OKEx	https://okex.com	7.1
5	Exmo	https://exmo.me	6.9

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Platform capabilities- availability of additional features: futures, options, staking, NFT, etc.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.

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