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“Libra” is Facebook’s New Cryptocurrency

Cryptocurrency

“Libra” is Facebook’s New Cryptocurrency

In the next few months, Facebook will launch its new cryptocurrency called Libra. The social media giant will also launch Calibra, a subsidiary that will act as a digital wallet to store Libras. Calibra will be connected to Messenger and WhatsApp.

According to Reuters, “The social networking giant has linked with 28 partners including Mastercard, PayPal and Uber to form Libra Association, a Geneva-based entity governing the new digital coin, according to marketing materials and interviews with executives. No banks are yet part of the group.”

Facebook expects that global transactions between consumers and companies will be easier and faster through Libra and unbanked buyers will gain access to financial services for the first time.

It’s worth mentioning that Facebook’s intention to expand into digital payments has already raised privacy concerns.

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