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Facebook announces Libra its new global cryptocurrency

Facebook new cryptocurrency
  • Libra will be launched in 2020
  • eBay, Uber, Spotify, and Visa are on board
  • Facebook has created an independent subsidiary called Calibra that will build services that let you send, spend and save Libra

Facebook is going full on the finance world indeed. Mark Zuckerberg‘s company announced today the launch of its new cryptocurrency called Libra, named after the Ancient Roman unit measure of coins.

The main reason for the new currency is to make possible financial transactions between all the group’s platforms like WhatsApp, Instagram, Messenger and, of course, Facebook. “(With Libra) We aspire to make it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos“, said Zuckerberg on his Facebook profile.

According to The Wall Street Journal, the official launch will take place mid-2020 although the company already had announced partnerships with players like Mastercard, PayPal, PayU, Stripe, and Visa, to popular services like Booking, eBay, Farfetch, Lyft, Spotify and Uber.

Zuckerberg stated that Libra was built on blockchain technology, which allows a fairer system and more security to the user. “It’s available to anyone with an internet connection and has low fees and costs“, he wrote, adding that a new organization had been created inside Facebook called Calibrathat will build services that let you send, spend and save Libra — starting with a digital wallet that will be available in WhatsApp and Messenger and as a standalone app next year“.

The company also said it has linked with more than 25 partners to form Libra Association, a Geneva-based entity ruling its new project. After the announcement, Facebook’s stock rose more than 2%.