After months of expectations, Facebook has finally announced a plan to launch its own cryptocurrency and a digital wallet to store it in.
Facebook is clearly determined to make 2019 the year it takes the spotlight from all social media platforms. Starting the year by introducing the new Unsend button, Facebook gradually engraved the Dark Mode and Threaded Replies to its Messenger app.
The latest surprise came in May when Mark Zuckerberg declared a whole new redesign for both its website and app. And now, at the beginning of the fall, Facebook is revealing its own digital currency.
Facebook’s New Cryptocurrency
According to the Facebook Newsroom, the new Cryptocurrency is called Libra, which is described by the social media platform as “a new global currency powered by blockchain technology”.
Libra will be stored in a digital wallet referred to as Calibra. The wallet will be available in Messenger, WhatsApp, and as a standalone app. Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost.
Below is a sneak peek at what the experience of using Calibra will be like.
Facebook promises that Calibra will be a place with strong protections to keep your money and your information safe. Members of the Libra Association include Visa, Mastercard, PayPal, eBay, Uber, Spotify, and a host of venture capital firms.
How to Sign Up to Use Libra and Calibra
Libra is marked as Coming Soon while Calibra is still early in the developing process. However, many sources believe the wallet and new currency will be launched sometime around 2020.
If you’d like to be among the first to know when Calibra is available, you can sign up in Calibra’s official website.
Should We Trust Facebook?
The birth of Libra and Calibra demonstrates Facebook’s ambition to become a key player in the future of money.
The big question is whether people trust Facebook enough to let the social network be in charge of their money. After all, Facebook has given its users several reasons not to trust the site, especially when it comes to privacy and protecting data.
Still, it’s an exciting thing to look forward to regardless of the sanctity and security of your financial data.
What else if Facebook planning?