Facebook Shares Details of Its Own Cryptocurrency Launch

The new payment currency called “Libra” will be launched in 2020. It will allow users to make instant transactions via Facebook, WhatsApp and a separate application.

Information about the launch of Libra as a new cryptocurrency was published in the blog of US-based company Facebook. To that end, the techno giant will register a subsidiary called Calibra to provide financial services to users. Calibra’s first step will be to create a blockchain wallet, which is scheduled to be released for Android and iOS platforms in 2020.

Reportedly, the new entity will perform not only a financial, but also a humanitarian mission helping businesses in developing countries and providing migrants with an opportunity to transfer money to their homelands for free. All these measures are expected to enhance Facebook’s influence on the market, which is still new to the company.

To ensure a speedy development of the new network, Libra Association comprising leading technology, financial and trading companies was registered in Switzerland. Giants such as MasterCard, Visa, PayPal, Uber, eBay, Coinbase, Andreessen Horowitz and other companies have already indicated their willingness to work with Libra. By next year, Libra Association is expected to have up to 100 members.