Since Facebook announced the Libra cryptocurrency, a couple of other similar projects have been unveiled with all of them being dubbed potential ‘Libra-killers’.
They include Venus, an initiative by Binance to ‘develop localized stablecoins and digital assets pegged to fiat currencies across the globe’, and Metal Pay.
But according to analysts surveyed by financial analytics company Cindicator, the biggest threat to Libra could be a firm that is yet to jump into the cryptocurrency fray.
The threat of Amazon
Per the analysts, Facebook should fear online retail giant Amazon the most as nearly a fifth of the survey’s panel were convinced it could be the Seattle, Washington-based behemoth that stands a chance of unveiling a competing cryptocurrency in the near future:
Being the globe’s largest online retailer, the launch of a cryptocurrency by Amazon used for making e-commerce payments could be a game-changer and potentially snatch a significant market share from Libra. However, the online retail giant has previously denied such plans, the most recent being in June when the Amazon Pay VP, Patrick Gauthier said Libra was a “speculative” play: