We had earlier reported that Facebook was planning the launch of its Cryptocurrency soon codenamed Libra. Facebook has now officially confirmed that Libra- now the official name will launch in 2020. In a blog post, Facebook announced that it aims to help people from remote areas have access to a payment system.
According to Facebook, more than half of the adults don’t have access to the traditional payment systems like banks, which they aim to solve with their new Cryptocurrency. Also Libra will help cut on remittance costs which are often high with traditional payment systems.
Facebook has a massive usage of its platform of applications, including WhatsApp and Instagram, and the company aims to leverage the numbers to make Libra a success.
Calibra, Facebook’s subsidiary will first launch its Digital wallet in 2020, which will be powered by blockchain technology. Calibra has already partnered with major companies including PayPal, Master Card and Visa among others.
The digital wallet will be available in both Messenger and WhatsApp by default and also as a standalone app.
Facebook promises that users will incur low to zero costs by using the platform. The company will also launch ways to pay your bills to businesses using their Cryptocurrency in the future.
Here’s how Calibra will look like;
When it comes to privacy matters, Facebook hasn’t been the best company; however, they promise that user data with Libra will not be shared with third parties- including Facebook itself without user consent. “The limited cases where this data may be shared reflect our need to keep people safe, comply with the law, and provide basic functionality to the people who use Calibra,” Facebook stated in a blog post.