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More on Facebook’s Libra: CEO Daily

Alan Murray

Good morning.

There are so many more things to say about Facebook’s announcement of Libra, its planned cryptocurrency, yesterday. The company is clearly playing a multidimensional chess game, with business, political and public relations implications in mind.

Facebook, in need of friends, appears to be trying to bring everyone under its new tent. Corporate members of the “Libra Foundation” contribute $10 million to participate, and 27 have already signed up—a who’s who of finance. David Marcus, the former PayPal executive who is leading the effort, says he hopes to have 100 partners by the time it launches.

• Libra marks an important step for Facebook into the e-commerce space. But it is touting Libra primarily as a move to serve the 1.7 billion people in the world who currently lack financial services—hardly the most profitable market. That didn’t stop Rep. Maxine Waters from calling for a “moratorium” on the project so regulators could study it.

• Will the Winkelvii get Zucked again? Libra could be seen as competition for Gemini, the cryptocurrency firm started by Cameron and Tyler Winklevoss, who claimed Zuckerberg stole the idea for Facebook from them in college. On TV Sunday, Cameron W. said: “There’s so much pie to grow, I mean, at this point, we need to be frenemies.”

For the five things you need to know about this landmark Facebook venture, click here. Other news below.

Alan Murray @alansmurrayalan.murray@fortune.com

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    This edition of CEO Daily was edited by David Meyer. Find previous editions here, and sign up for other Fortune newsletters here.