Facebook has announced Libra, a new digital currency that will be launched in 2020 and will be integrated with the company's apps and services.
The largest social network's interest in cryptocurrency and blockchain technologies has been known for months, while recently there were rumors that Facebook was ready to announce its own virtual currency.
According to reports, the new digital currency is supported by major financial institutions, such as Visa, Mastercard, PayPal, as well as large companies such as Uber, Lyft and eBay.
Some of these companies are believed to have joined a consortium supporting Facebook's foray into the crypto space. For now, one thing is certain: The Libra digital currency is headed full speed ahead for the social networking platform.
On Tuesday, Facebook revealed the “early-stage” project in a blog. One of Facebook’s subsidiaries, Calibra, will manage the Libra network, which will also provide the blockchain infrastructure needed to facilitate the exchange of Libra cryptocurrencies.
Calibra will feature a digital wallet for Libra as well as a storage system that can be integrated with Messenger and WhatsApp. According to the publication, standalone apps for iOS and Android will also be released.
The new service is expected to be publicly launched in 2020. The company says the service will work with “almost anyone with a smartphone” and will allow for bill payments, product purchases, and even ticket purchases.
Of course, these lofty goals also require relationships of trust, something Facebook is not known for having earned from its users. The “early phase” of the new digital currency probably exists as a first sounding board for the trust of Facebook members, but also of companies.
Don't be fooled, the companies we mentioned above that support the project (Visa, Mastercard, PayPal, Uber, Lyft and eBay) would support anything for a reasonable price.
