Facebook released its long-awaited cryptocurrency plans, they have announced ‘Project Libra’, a type of digital money designed for billions of people who are using social media and various applications. If everything goes well, people will soon be able to experience to shop anything or send money virtually with the currency Libra. It can be used on Messenger, Instagram. People also will be able to use it with a wide variety of other merchants like Uber, Spotify and MasterCard.
Facebook did not provide anything specifics regarding when the people will get ahold of the currency but executives suggest that this newest type of cryptocurrency will be distributed on Messanger and Whatsapp within mid-2020. Facebook also announced a new digital wallet called Calibra, which will be operated by the company as a separate subsidiary and will be provided to the users as a way to store and spend the cryptocurrency named “Libra”.
Facebook has provided an image of the digital wallet app- Calibra.
David Marcus, who is a former PayPal executive is leading ‘Project Libra’ for Facebook. According to him, the main goal of ‘Project Libra’ is to reach 1.7 billion people worldwide who mainly lack to access the banking system.
Facebook is not the only company behind the ‘Project Libra’, there is a dozen of company and non-profit organization who has been driving the project through a Swiss foundation. Members of the organization, known as the Libra Foundation, will contribute a minimum amount of $10 million to gain traction of the people. Initial members of the foundation are Facebook and 27 other partners, including Visa, PayPal, MasterCard, Uber, Lyft, Coinbase and others.