In Facebook's Q2 earnings this week, the company has made some big admissions regarding its proposed crypto project Libra, little more than a month after launching the project (our analysis on its impact on the cross-border sector is here).
"There can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all."
Wow. And Facebook nicely sums up the bet it is making in its own words here:
“We do not have significant prior experience with digital currency or blockchain technology....
We will also incur increased costs in connection with our participation in the Libra Association and the development and marketing of associated products and services, and our investments may not be successful. Any of these events could adversely affect our business, reputation, or financial results.”
So much for an easy ride.