Libra : Facebook announces their cryptocurrency
Facebook will allow users to receive and send Libra (cryptocurrency) in early 2020
On Tuesday, Facebook announced Libra, The Company's long-rumored cryptocurrency that will allow users of Facebook and WhatsApp to purchases things or easily send money to other people with nearly zero fees.
However, this isn't just Facebook’s project.
It’s backed by several other companies. Other than Facebook,
Libra Project includes Visa, Mastercard, PayPal, eBay, Uber, Spotify, Lyft, Xapo, Coinbase, Andreessen Horowitz, Mercy Corps, Union Square Ventures, and Women's World Banking, among others.
The Libra Association is based in Geneva, Switzerland.
The News is Libra is based on an entirely new blockchain and will be open-source once it launched most probably in the early part of 2020.
But It will be very similar to Bitcoin in that it's a digital currency. And It's Faster than Bitcoin.
Also, Facebook is developing a subsidiary company also called Calibra, a cryptocurrency wallet that will allow users to receive and send Libra and protects users’ privacy.
And Calibra will be developed under Facebook's control.