Recently Facebook had made an announcement about introducing its own new digital cryptocurrency. It is now announced that this brand new cryptocurrency will now be called Libra.
The digital partners for this will include partners from Visa, Stripe, Paypal, which will help the merchants to accept Libra. Few tech companies such as Spotify, eBay, Lyft, Uber, and Latin American pages platform Mercado Pago.
Facebook is also expecting of creating a new subsidiary Calibra, to build a digital wallet for the people to store and exchange the currency using the Facebook apps.
This new measure is taken to change the way currency is moving around the world, with the help of Libra, Facebook might be able to generate a whole new money exchange system globally.
The Libra currency will not be run by Facebook, and rather will be run by non-profit organizations as well as a range of companies and organization as such. But Facebook has the idea of making a profit with the subsidiary Calibra which is building a digital wallet of the same name for storing as well as exchanging the currency.
“We have seen the internet change the game for everything that could be digitized, except for the money.” said, David Marcus, the leader of Facebook’s Calibra division.
The brand new digital cryptocurrency is all set to be announced officially in the first half of the year 2020. This will be run by a non-profit organization in Geneva, Switzerland. The only aim is to be broadly accessible, stable and more importantly secure.
Unlike bitcoin and other cryptocurrencies that could be volatile, and speculative, Libra will be backed by relatively stable-government backed money.
Facebook as of now is joined with 27 other companies in this that are their founding members, the goal is to reach 100 by the time it is set to be launched the next year.