- 18th June 2019
- Posted by: Hakeem
- Categories: CryptoCurrency, Innovation, Technology
- Facebook is leading a consortium creating a new digital currency called Libra.
- Members include payments companies Visa, Stripe, PayPal and Mercado Pago, and that will help merchants accept Libra.
- Some tech companies are also on board, including eBay, Lyft, Uber, Spotify, and Latin American payments platform Mercado Pago.
- Facebook will also create a new subsidiary, Calibra, to build a digital wallet for people to store and exchange the currency using Facebook apps.
Facebook is unveiling an ambitious plan to create a new digital currency and financial system to transform the way money moves around the world, and not just on its own apps.
It’s leading a consortium to create an open-source digital currency called Libra, set to launch in the first half of next year. The goal is for developers to create services for consumers to send money around the world easily and for free — with the same convenience as sending a photo or a message.
The Libra currency will not be run by Facebook, but rather by a nonprofit association supported by a range of companies and organizations. But Facebookdoes have a plan to profit from it with a new subsidiary, Calibra, which is building a digital wallet of the same name for storing and exchanging the currency.
The financial information from your digital wallet will not be used for ad targeting on Facebook’s platforms because the two divisions will be kept totally separate, the company said.