We have been hearing news for months Facebook's plans to launch a cryptocurrency to the market. Although it was last week when there was talk that its launch would take place this month. In this filtration the name that this currency was going to have was already spoken, which has finally been chosen by the company. Libra has already been officially presented. Thanks to it we can make payments in WhatsApp or Messenger.
Libra is a cryptocurrency with which transactions between individuals can be carried out, in addition to purchases in establishments. As they said from Facebook, It will be in 2020 when it is integrated into WhatsApp and Messenger officially. So it will be a key function in both apps.
The company seeks to make financial transactions as simple as possible for people around the world. Especially regardless of whether or not they have a bank account. Therefore, Facebook officially launches Libra. As in other currencies, it is based on the blockchain. Further, comes with the support of big names like eBay, Vodafone or Spotify, among many.
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Companies organization Libra
A total of 28 companies in this association responsible for the cryptocurrency of the firm. All of them known in the market, many of them well known to all of us. These are the companies that support this Facebook Libra initiative:
- Payments: Mastercard, PayPal, PayU (Naspers ’fintech arm), Stripe, Visa.
- Technology and markets: Booking Holdings, eBay, Facebook / Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber
- Telecommunications: Iliad, Vodafone Group
- Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited.
- Risk capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures.
- Nonprofit organizations: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking.
It is not ruled out that in the future there will be more companies or organizations to join this project. But for now, these are the companies behind this organization for the company's cryptocurrency.
Libra is now official
There are a total of 28 organizations that make up the consortium that will manage this currency. It has been confirmed that the official launch of it will take place in the first half of 2020. It will be from next year when it arrives integrated into apps like Messenger or WhatsApp. Payments in applications will be made through Calibra, which will act as a kind of wallet in this case. Payments also come with support from firms such as Visa, PayPal or MasterCard.
Calibra will be integrated into the mentioned applications, although it will also be launched as a separate application on iOS and Android, as already confirmed. Initially it will be used for these particular payments, as shown in the image above. But they have already mentioned the intention that Libra and Calibra have a presence in other financial services for the future. In addition, from Facebook they wanted to emphasize that data will be protected reliably at all times. In the case of sending money through the application, it has been commented that a small commission will be charged. Although it will be only from certain amounts.
Definitely, it's an ambition project for Facebook. While Libra has turned out to be different from what many thought it would be. What is certain is that there will be more companies looking to launch their own cryptocurrencies. There are some like Telegram that have been working on this type of project for some time, without anything having finished arriving.
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There are still many details about Libra. But surely over the months we will know more about it. Facebook will leave us with news about this cryptocurrency. We also expect its launch in 2020, especially the specific dates and whether it will be a global launch or not. Because in this sense nothing has been mentioned so far. So we will be attentive to all the details about it.
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