Facebook’s Libra Cryptocurrency And Wallet Is Finally Announced

18 Juin, 2019, 17:13 | Auteur: Auguste Feret
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Facebook was long-rumored to introduce its own cryptocurrency. Now, stepping into the all-new crypto world, Facebook has finally made its Libra Cryptocurrency official.

Rumours of a potential foray into the cryptocurrency space emerged previous year when the California-based platform began secretly hiring blockchain-savvy executives and cryptocurrency experts.

"For many people around the world, even basic financial services are still out of reach: nearly half of the adults in the world don't have an active bank account and those numbers are worse in developing countries and even worse for women", the statement added.

Facebook says Calibra will let you send Libra to anyone with a smartphone at low to no cost.

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David Marcus, who is heading Facebook's cryptocurrency operation, tweeted on Tuesday that Libra is in part aimed at "the 1.7 billion people who are still unbanked 30 years after the invention of the web".

In addition to describing how the service will work, Facebook has also revealed more details about the backers of the new global digital currency. these incopude payments proviiders Visa, Mastercard, Paypal, PayU and Stripe; e-commerce companies eBay, Booking Holdings, Farfetch, Lyft, Mercado Pago, Spotify and Uber; telecoms companies Iliad and Vodafone; blockchain services Anchorage, Bison Trails, Coinbase and Xapo Holdings and a number of venture capital firms and NGOs.

The first product to be developed through Calibra will be a digital wallet service that will be available as a standalone app or accessible through the Facebook, Whatsapp and Messenger platforms. Facebook says that Calibra will not share account information or financial data with its servers or any third party without customer consent. So, stay tuned for further updates.

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Facebook won't directly control the coin, nor will the individual members of the consortium known as the Libra Association. Bowles will be taking up his new role as Facebook's London-based director of public policy in September 2019.