The social networking giant Facebook has announced a new cryptocurrency called in Libra, and the company has now show its intentions clearly to go beyond the social media and it is stepping into the e-Commerce and payments market.
Everything about Libra
The newly announced Libra digital currency will allow users to make a financial transaction across the world, the company also said that it will help people to connect people who do not have access to traditional banking setup. Furthermore, Facebook also said that the new currency will not be fully controlled, but instead get just a single vote in its governance like other founding members of the Libra Association, which includes Visa, Uber, and Andreessen Horowitz who’ve invested at least $10 million each into the project’s operations.
That’s not all, the association will also promote the open-sourced Libra blockchain and developer platform with its own programming language and that is dubbed as ‘Move’. The company will also offer discounts or rewards to customers.
Moreover, Facebook has also unveiled a subsidiary called Calibra, and that will give the digital wallets to save, send and spend Libra digital currency. Calibra will be connected to Facebook’s messaging platforms Messenger and WhatsApp. The company will launch it by the first half of the next year.