The social media and social networking giant, Facebook has finally revealed its long-awaited digital currency called Libra. The company has also launched its own cryptocurrency wallet called Calibra to store and manage its digital currency. Like every other digital currency, Facebook Libra will allow its billions of users to make financial transactions across the globe, in a bid that could potentially shake up the world’s banking system.
Facebook Libra aims at providing users an affordable and secure means of making payments using cryptocurrency even for users who do not have access to traditional banking platforms. With over to 2 billion active users per month, Libra could be a financial game changer, however, will be under close inspection as Facebook continues to wobble from a series of privacy scandals.
Facebook Libra will be available for purchase at online or local exchange points like grocery stores and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into the company’s owned apps (WhatsApp, Messenger, and Instagram).
Facebook has today released the white paper for Libra, the founding members include top companies like Mastercard, PayPal, Visa, Stripe, eBay, Lyft, Uber, Spotify, and Vodafone Group.
Users will be able to send money to each other as well as potentially pay for goods and services using Libra instead of their local currency conveniently using it newly launched Calibra cryptocurrency wallet.
Calibra will be available as a separate app and on Facebook Messenger and WhatsApp, starting in 2020.
Calibra app with ease in a few minutes and will eventually be able to conduct various purchases such as buying stuff by scanning QR code paying bills, and more.
Calibra will follow various privacy steps such as verification and anti-fraud steps, much like banks, to maintain the safety of users. Additionally, Calibra will make sure it doesn’t share users’ information with other apps without his or her knowledge, which becomes a must after all the data breaches Facebook has been a part of.