Facebook announces the creation of its own cryptocurrency Libra
The social network indicated that the digital asset, which can be managed through Facebook Messenger and WhatsApp, will be available from 2020
The technology company Facebook, owner of the social network of the same name, announced the creation of Libra, a cryptocurrency aimed at those users of its applications that are unbanked and that will be launched in 2020.
The operations of the cryptocurrency, as well as the Libra network, will become part of a new Facebook subsidiary called Calibra, whose main business will be “to provide financial services”.
The currency will be available through a virtual wallet that will be integrated into Facebook Messenger, WhatsApp and will have its own application. For now, it will not be available in the social network application or on Instagram.
At first, customers will be able to make transactions between individuals with the ‘pounds’ of Facebook. Over time, the firm expects to offer additional financial services such as paying bills or paying at stores.
“Apart from some limited cases, Calibra will not share the information of the accounts or the financial data with Facebook or with third parties without the consent of the clients“, underlined the company directed by Mark Zuckerberg.
Libra will use its own blockchain network, which will be open source. Unlike pure cryptocurrency, such as bitcoin, ripple or ethereum, Facebook’s currency will be backed by a ‘Reserve’ in which a series of assets that serve as backup will be taken into custody.
K. Tovar
Source: Elpais
