Waiting to cut Umbilical cord?

So I saw this on my Facebook news feed today , but I know more than half of the stuff of social media his eaither exaggerated or simply just not through . Have any of you moms heard of this or have done it yourself when giving birth . I don't want to look like an idiot asking my midwife about this if no one has really done this or if there's isn't a real reason to even do it .