Stripe Now Worth $36B; Libra Revives
Facebook's Libra digital currency project is being revived. The multi-company Libra Association which oversees the effort announced plans on Thursday to create an infrastructure for multiple cryptocurrencies and said it was in talks with Swiss regulators for a payments license, notes Fortune newsletter. In more tangible fintech news, Stripe raised $600 million of additional backing in a deal that valued the payments startup at almost $36 billion, Axios reports.
Facebook and its partners said their Libra cryptocurrency project will now support multiple versions of the digital coins, the majority of which will be backed by individual fiat currencies like the U.S. dollar, as part of changes made to appease skeptical regulators worldwide.
The Libra Association, the governing body overseeing the proposed project, redesigned the currency and made other changes responding to financial regulators concerned the effort could undermine the power and control of central banks. The group said Thursday it plans to support multiple Libra stablecoins, with each working like a digital version of a country’s existing currency
Meanwhile, Apple's Tim Cook said he'll keep R&D spending strong despite the weak economy and played down concerns about possible layoffs, noting Apple's strong finances and long-term approach. (Fortune)