Libra (Facebook) Logo PNG
This is a sign that the Facebook cryptocurrency, which the network never realized, was sold to another company. But the emblem remained: the designers made the Libra logo with multiple meanings. The main ones are the monetary unit in circulation, airflow, water movement, and the constellation Aquarius. An unusual color palette denotes a deep mystery.
Libra began inside Facebook in 2017, when Morgan Beller started studying blockchain and cryptocurrency within the company. In May 2018, David Marcus left Messenger to lead the new blockchain division. His PayPal background from 2010 to 2014 made him a natural figure for a payments project.
By February 2019, more than 50 engineers were working on the idea, then known as GlobalCoin and Facebook Coin. On June 18, 2019, Facebook presented it as Libra. The plan was to create a global cryptocurrency backed by a basket of currencies, including the dollar, euro, yen, pound, and Singapore dollar. Libra Association was founded in Geneva by 28 founding members, including Visa, Mastercard, PayPal, Stripe, eBay, Uber, Lyft, and Spotify. The Calibra wallet was planned for Facebook, WhatsApp, and Instagram.
Regulators reacted harshly. In July 2019, David Marcus testified before two U.S. congressional committees. Officials warned about money laundering, financial stability, and state monetary sovereignty. In October, PayPal, Mastercard, Visa, Stripe, eBay, Mercado Pago, and Booking Holdings left the association after political pressure.
In April 2020, Libra shifted from one multi-currency coin to separate stablecoins tied to national currencies. Calibra became Novi, and in December 2020, Libra was renamed Diem. In 2021, Diem moved its regulatory focus from Switzerland to the United States, while Novi launched a pilot using USD Coin from Circle and Coinbase. David Marcus left in December 2021. In January 2022, Diem Association dissolved and sold its technology to Silvergate Capital for $182 million.
Meaning and History
As Zuckerberg planned, the new system was supposed to replace the inconvenient Facebook payment system from 2015. By linking to messengers and merging them into a single platform, users hoped to make instant payments easier by removing the banking system from the equation. The sale of Libra was supposed to be for any currency. An Association of 100 companies was planned for management, with 1% of influence for each (the cost of participation is $10 million). The system was launched in 2019 as a test, but in 2022, they abandoned its development.
The San Francisco division of Character Branding and Design Agency designed the first logo. It consisted of three wavy lines and the inscription ” Libra “, made in purple.
What is Libra?
Unrealized cryptocurrency project from Facebook. It was announced in 2019 that assets and technologies were sold to Silvergate Capital in 2022.
The visual sign has several associations:
- Money: three wavy symbols resemble banknotes in profile, inserted into an ATM, or folded into a money bundle. The sign indicated that the company was handling finances. The triple image is an indication of abundance, an influx of funds. The drawing predicts the success and development of the new currency.
- Aquarius’s wavy lines resemble the designation of the zodiac sign. The logo symbolizes the Age of Aquarius, which began in the 21st century. The era brings renewal and new energy. In the case of Libra, modern technology and an innovative approach to money are used. The currency will usher in a new era in the world of finance. Facebook Coin leaves behind the familiar banking system.
- Water flow. Three wavy lines suggested flowing water. This is a prototype of the cash flow that will flow through the payment system. After all, users of three large social networks (4 billion people) were supposed to become participants in transactions. Flowing water evokes a sense of calm. The visual sign showed the stability and confidence that the new coin would bring to users. It will experience fewer fluctuations than other cryptocurrencies due to Facebook’s financial backing. Therefore, the course was planned to be stable and calm.
- Air movement: three airflow waves seem to push the currency’s name forward. They symbolize promotion and gaining popularity. Fast start.
Three stacked waves form a square, hinting at a cryptocurrency block.
The name Libra is translated as “Libra.” The device is a symbol of accuracy, balance, and correct measure. The logo’s name indicates that calculations using the new currency will be honest and accurate.
Libra never went into circulation due to strong opposition from financial regulators. The future logo has also received significant negative feedback. They concerned:
- combinations in the name of the elements of two signs of the zodiac (the image of the Aquarius icon and the name of the currency is Libra);
- lack of clarity: it was not clear to many of the logos what kind of product it represented;
- similarity of a wave with an approximate sign;
- consonance with the emblem of the company Fintech Current, which appeared in 2016, three years earlier than Libra.
Initially, the currency was renamed Diem. Then the announced 2020 launch was postponed, and in 2022, the project ceased development. Silvergate sells all technologies.
Font and Colors
The emblem’s color is purple. It symbolizes superpowers, mystery, and depth. The creators expected that the new currency would be an ideal way to pay for goods and services, surpassing other cryptocurrencies in stability and the banking system in speed. Since the logo appeared before the system went live, everything about Libra and its future was shrouded in mystery.