Facebook Unveils its Much Awaited Crypto Currency

Share on facebook
Share on google
Share on twitter
Share on linkedin
Time to Read: 2 minutes

The users of the cryptocurrency will be able to make the monetary transactions on Messenger and Instagram.

After all the buzz and rumours, Facebook finally unveiled its much awaited cryptocurrency plans on Tuesday. The giant shared the details of the “Project Libra”, a new kind of digital currency crafted for the billions using Facebook’s app and social network. Facebook is yet to furnish the details like its launch date and how it will be used. However, some of the executives have indicated it to be first distributed on Messenger and Whatsapp by mid-2020.

As per the information shared, once the Libra, the cryptocurrency, is launched, the users will be able to make the monetary transactions on Messenger and Instagram. It will also be accessible to be used on a variety of other merchants like Uber, Spotify, and MasterCard.

Facebook also shared about Calibra, its new digital wallet. It will be run by Facebook as a distinctive subsidiary and assist users to store and spend Libra. The digital wallet will be showcasing the value of users’ Libra in their local currency and render a design similar to Venmo, a popular digital wallet for transferring money.

The Project Libra is being led by David Marcus, a former PayPal executive. He said, “One of the main goals of the initiative is to reach out to 1.7 billion people across the globe who still do not possess access to the banking system.”

He further added, “It’s an anomaly that the Internet has no protocol for money.” Project Libra is likely to give more competition to existing financial services, while giving a thrust to the capital access.

Related Article  India’s impending regulations on cryptocurrencies

The initial members of the Libra foundation are going to be Facebook and 27 other partners like Visa, MasterCard, PayPal, Coinbase, and venture capital firms like Andreessen Horowitz and Union Square Ventures.

PayPal executive Marcus expects the number to go upto 100 by the time the Libra is launched.

Leave a Reply

RSS Latest Technology News

  • Spacefarer Ariana Grande outfit now available in Fortnite October 22, 2021
    Fortnite's collaboration with pop star Ariana Grande continues with yet another outfit inspired by her being added to the game today. Available in the Fortnite store today is Spacefarer Ariana Grande, a distinctly different skin to the Ariana Grande ...
    Ryan Galloway
  • Twitter is finally letting everyone create Spaces October 21, 2021
    The Spaces team sent out a tweet to announce the change, noting that users on both Android and iOS will now be able to host Spaces. It also offers a GIF that briefly refreshes users on how to host a Space, in case you've forgotten after all these months.
    Emma Roth
  • Microsoft fixes Windows 11 AMD CPU performance issues with new update October 21, 2021
    This new Windows 11 update also includes a large amount of fixes, including one to solve an issue that prevents the Start menu from opening after your OS upgrade, and fixes to input delays for certain Bluetooth mice and keyboards. You can find the full ...
    Tom Warren


Follow Us

Facebook Unveils its Much Awaited Crypto Currency

by Sameer Dhanrajani Time to Read: 1 min
AI Tool to Reshape Treatment by Predicting Cell Behaviors
Get to know the latest updates on exponential technologies, new age industry segments with our weekly XTechalpha Xclusive newsletter straight in your mailbox.