Speed Reading — Libra Crypto-currency - Level 6 — 200 wpm

Next Activity:
Try the same text at a reading speed of 300 words per minute.

This is the text (if you need help).

Facebook CEO Mark Zuckerberg is expected to unveil details of an ambitious plan for his company to create a new global crypto-currency. A white paper outlines a plan that is designed to create a new global currency. It will represent the entry of the social network site into the lucrative financial services market. The crypto-currency is called Libra. Facebook said it is aimed at the millions of people around the world who cannot get a bank account. Libra will allow people to send and receive payments anywhere in the world with minimal fees. The banking will be done online via the myriad of Facebook-owned apps. The 2.7 billion users of Facebook and WhatsApp will have access to the Libra crypto-currency.

Analysts say Libra has some similarities to the Bitcoin crypto-currency. However, a major difference is that Libra will be a more stable currency and will avoid the wild fluctuations in value that Bitcoin has experienced. Libra will be backed up by a basket of currencies, such as the dollar, euro and yen. It will also have the backing of major multi-national companies like Mastercard, PayPal, Spotify and Uber. The new crypto-currency could revitalize Facebook's fortunes. The finance company RBC Capital Markets said: "We believe [Libra] may prove to be one of the most important initiatives in the history of the company, to unlock new engagement and [generate new] revenue streams."

Back to the crypto-currency lesson.

More Activities