Facebook Is Launching Its Own Cryptocurrency

MakeUseOf | 6/18/2019 | Dave Parrack
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Facebook has announced plans to launch its own cryptocurrency and a digital wallet to store it in. The digital currency is called Libra, with the digital wallet called Calibra. And both are set to become available sometime in 2020.

What Is Facebook’s New Cryptocurrency?

Months - Rumors - Facebook - Cryptocurrency - Facebook

After months of rumors, Facebook has finally announced its new cryptocurrency. Facebook has revealed all in a post on the Facebook Newsroom. However, while it has started sharing details, the social network points out that the finer points could change.

The cryptocurrency is called Libra, which Facebook describes as “a new global currency powered by blockchain technology”. Libra will be stored in a digital wallet called Calibra, which will be “available in Messenger, WhatsApp and as a standalone app”.

Libra - Money - Anyone - Smartphone - Cost

Libra would allow you to send money to “almost anyone with a smartphone” quickly and at “low to no cost”. Over time, Facebook hopes you’ll be able to use Libra to pay for other products and services, just as you would with Google Pay and Apple Pay.

Libra isn’t all about Facebook. Instead, the Libra Association will oversee the digital currency independent of Facebook. Members of the Libra Association include Visa, Mastercard, PayPal, eBay, Uber, Spotify, and a host of venture capital firms.

Bitcoin - Cryptocurrencies

Just like Bitcoin and other cryptocurrencies,...
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