Libra: Facebook launches global cryptocurrency in 2020

Facebook finally announced its subsidiary, Calibra, to provide cryptocurrency Libra and Facebook’s digital wallet with other financial services. The platform will let users get services and participate in the Libra network. The Calibra will launch a digital wallet for Libra, that will be a new global cryptocurrency powered by blockchain technology.

This wallet will be available in Facebook Messenger, WhatsApp and in a separate app. This is expecting to launch in 2020. The facebook’s step is supported by many partners including Mastercard and Visa.

Instead of relying on other companies for wallet and other financial services, Facebook has introduced this new product Calibra, that will use a new cryptocurrency, Libra. This cryptocurrency will be governed and managed by the Libra Network which is a purposefully formed, independent non-profit association, having headquartered in Geneva, Switzerland.

Facebook announced to launch Libra, a global cryptocurrency

If you are using the internet, then you can access this Facebook’s digital wallet and all kinds of services provided by the Libra network for a little cost or no cost.

Till date, The Libra Network has 28 co-founders, that include a bunch of giant firms such as, MasterCard, PayPal, Uber, Lyft, Visa, eBay, Spotify, Andreessen Horowitz, Vodafone Group, and Facebook. The primary goal of this association is to manage and evolve Libra. And of course, they aim to form a new global currency that will be powered by Libra blockchain.

Libra Facebook Wallet
Image: Facebook Newsroom

Facebook says in its Newsroom that many people around the world don’t have even basic financial services. And they are out of reach with these. Also, almost half of the adults’ population in the world don’t have an active bank account. For them, Libra can be a useful way to use financial services because it doesn’t require a bank account. Also, it won’t be limited to Facebook only.

Though major firms are there in the association Facebook is playing a key role in the development of Libra Blockchain. Due to this, the final decision-making authority will be Facebook in the association.

Facebook is the main entity that has to maintain control over Calibra, and it will run as a subsidiary. The company also planning to launch own Calibra wallet through Facebook Messenger, WhatsApp, and a new app in 2020.

From the first, Calibra will facilitate you to send and receive Libra with almost anyone who has a smartphone. That will be as easy and quick as you send a text message, and with at low to no cost.

Mayank G.

Mayank is a tech enthusiast, has been writing blog articles about technologies for two years. He covers topics including emerging technology, mobile technology and trends, AI, IoT, 5G and latest gadgets.

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