Libra : Facebook Cryptocurrency

The giant internet company Facebook has now officially launched its cryptocurrency which is named as LIBRA. They aim to empower its billions of users in making secure financial transactions. They said that the users of the application of Facebook and its social network will be able to use this Libra Cryptocurrency.

Libra : Facebook Cryptocurrency
Libra : Facebook Cryptocurrency

Mark Zuckerberg, CEO, Facebook says that he wants to make sending money easy like sending a photo, digital, immediate, free and secure.

Libra is a cryptocurrency similar to the Bitcoin. It can be used to purchase any things or send money to others as well in any corner of the world which is almost free and easy as well.

Facebook aims to help about 1.7 billion people from all over the world who do not have access to banking or any type of financial services.

So, Facebook has also launched a digital wallet which has been named as CALIBRA which will allow users to store the Libra and spend it as well. The wallet will be available as an application and it shows the information as per the local currency. 

The good news is that the Calibra will be available on Facebook Messenger and Whatsapp as well as an integrated payment system. This will be awesome as users will easily be able to send and receive money through messages on Facebook Messenger and Whatsapp.

Furthermore, Facebook plans to exchange the digital currency from
the traditional currency as well as using the physical ATM machines.

To make the job efficient, Facebook now has a decentralized office which is an independent organization which is LIBRA ASSOCIATION which will only handle the operations related to the development of the new digital currency.

To secure the system, it is backed by hard assets, a basket of currencies and securities to ensure trust and a stable value as they say that no information will be shared with Facebook or any third parties for adverting purposes without the user consent.

LIBRA PROJECT has been funded by more than 28 companies including Facebook itself. Among them, some of the popular founding companies of the Libra Project are Visa, MasterCard, Paypal, Coinbase, etc.

Facebook wants to have more than 100 partners collaborating in this project by the launch of the First coins in 2020 for public use.

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