Facebook’s Libra cryptocurrency is set to launch in January but with just one dollar-backed coin, Financial Times reported, citing people familiar with the matter.
Per the report, the Geneva-based Libra Association, where Facebook (FB) is one of the 27 members, said that the Libra project will be launched with a single digital coin backed by the dollar, a scaled-back form of Facebook’s proposed plan of launching multiple digital coins backed by individual currencies like the dollar or euro, unveiled in April.
Meanwhile, the Financial Times reported that other coins backed by multiple currencies will be added at a later stage, with a digital composite of all of its coins also a possibility. (See FB stock analysis on TipRanks)
Earlier on Nov. 5, Tigress Financial analyst Ivan Feinseth maintained a Buy rating on the stock, as “FB continues to benefit from ongoing digital advertising growth, increasing users, and growing user engagement through its ongoing innovation and platform expansion into e-commerce and more interactive application capabilities.” The analyst added, “We believe significant upside exists from current levels and continue to recommend purchase.”
Like Feinseth, the rest of the Street also has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 33 Buys and 2 Holds. The average price target stands at $323.18 and implies upside potential of about 16.5% to current levels. Shares have risen by 35.4% year-to-date.
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