Facebook launches a new cryptocurrency called Libra

Facebook Launches a New Cryptocurrency called Libra.

Facebook has unveiled its first cryptocurrency named — Libra, which is a new development from the company that takes it beyond being a social network, and e-commerce platform as well. According to Facebook, Libra is said to be the new global currency powered by blockchain technology. The social network giant, which started as a portal for connecting people, has now become a creator of a cryptocurrency, which itself has become the new moniker for money since last year.

Along with its new Libra cryptocurrency, Facebook has also unveiled its subsidiary named — Calibra, which is supposedly a digital wallet wherein the cryptocurrency Libra can be organized, saved or can be spent and further can be sent as well. Facebook has also suggested that this Calibra will be integrated into its Messenger and WhatsApp apps in the future as well.

Facebook believes for the many people on this planet — the primary financial services are out of reach despite being connected across the internet. To address this, Facebook has built Calibra wherein users can save, spend, and send Libra cryptocurrency to anyone across the world at low to no cost. Facebook also promises to bring additional services to Calibra such as paying utility bills or taking a local transport with a tap of a button, on your smartphone.

Facebook also claims that since the Calibra is still dealing with the currency it will nevertheless use the same verification and anti-fraud processes that most banks out there use and will also utilize an automated system to monitor, prevent and detect fraudulent behavior. The social network giant is said to have created a non-profit Libra Association to create Libra cryptocurrency by partnering with up to 27 organizations that include — Visa, MasterCard, Lyft, Uber, Vodafone and more.

And lastly, even though the company had announced Calibra, the digital wallet for its cryptocurrency Libra, it is believed that it is yet in the development phase and the tech giant is offering users to sign up here if they are interested in knowing the latest updates first regarding the service. However, the Calibra wallet is said to be available next year i.e., in 2020 and will also be integrated into Facebook-owned WhatsApp and Messenger, as aforementioned.