Libra

Newer partners like the Isreali fintech First are building connections to help stores enroll.

Libra is distancing itself from Facebook not only through a name change, but also by attempting to draw attention toward its digital payment rail instead of the creation of alternative money.

Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.

Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.

Digital money will have to coexist with cash and other forms of tender, according to a report by the Bank of International Settlements, the Federal Reserve and other institutions.

The global digital currency race has heightened the threat to traditional monetary policy and the dollar’s dominance, enough for the Federal Reserve of Boston to make a concerted effort to keep pace.

It was an attention-grabbing decision when Facebook hired PayPal's president, David Marcus, in 2014. At the time, Facebook didn't have much of a dedicated payments business to speak of; when people thought of spending money on Facebook, they typically thought of in-app purchases in Farmville.

For ‘big tech’ bundling is the new battle — and a driving factor for Facebook, which is corralling several of its commerce divisions to show its substantial network of users how much they can do without leaving the social network.

Facebook Inc. unveiled a new group to pursue payments and commerce opportunities and put David Marcus, co-creator of its Libra cryptocurrency project, in charge of the initiative.

Katie Haun, a general partner at Andreessen Horowitz, said that in 10 years money will be digital, the same way books and music are today -- and that efforts such as Libra, which the venture-capital firm has invested in, will be key to getting there.