Facebook is slated to release its own cryptocurrency Tuesday, a coin called Libra that is said to compete with Bitcoin and Litecoin.

Bitcoin has had discussions with Litecoin and its Lightning network in the past, and recent discussions with the US Treasury, The Bank of England, and Western Union.

Officially, FB now looks to have backers from:

Lyft
Coinbase
eBay
SpotifyAndreessen Horowitz
Union Square Ventures
Thrive Capital
Kiva
Vodafone

I initially bought into Litecoin ahead of the announcement, and instead this shows to have benefited Bitcoin, conflicting with my previous theory of Litecoin being involved in this deal.

In any case, it’s hard not to be bullish on the Facebook Coin [FaceCoin], one theory is that it is to be an anchor currency for third world countries. Some speculate it will be a ‘free’ reward for users in countries with unstable base currencies and unreliable financial institutions.

The physical coin is said to be backed by US Treasuries and other ‘stable’ investments.