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Libra could be a play on the word LIBOR, an abbreviation for the London Inter-bank Offered Rate that’s used as a benchmark interest rate for borrowing between banks.

LIBOR is for banks, while Libra is meant to be for the people.

Team: Facebook’s blockchain project is overseen by former Pay Pal President and VP of Facebook Messenger David Marcus.

His team includes former Instagram VP of product Kevin Weil, Facebook’s former corporate head of treasury operations Sunita Parasuraman who The Information reports will oversee the token’s treasury, and many elite engineers cherrypicked from Facebook’s ranks.

The Information’s Alex Heath and Jon Victor also reported yesterday that Facebook’s cryptocurrency project would launch later this month.

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