Facebook has lifted the veil off its new cryptocurrency. The social network’s new digital currency is officially known as Libra, and as per our earlier report, the new cryptocurrency will be run by a subsidiary, Calibra, free from Facebook and backed several partners. Many of which are financial organisations like Visa, Mastercard, and PayPal.
As part of its official announcement, Facebook says that Libra will have its standalone app, but the digital currency will also be available on Facebook Messenger and WhatsApp. More importantly, the company is expected to launch and roll out the cryptocurrency sometime in 2020. Although no specific date was mentioned.
Through its availability on its major messaging service, Facebook is hoping to empower and allow people to send Libra to “almost anyone with a smartphone” and as “easily and instantly” as one would send a typical text message or media file. At virtually no cost.
Facebook also says that its new Libra will be strongly protected, and to that end, it’s digital wallet, Calibra, will come with some of the strongest anti-fraud processes used by banks and credit cards companies. Further in its blog post, the social media giant says that it will “proactively monitor activity to detect and prevent fraudulent behaviour” in typical scenarios, such as unlawful access to the user’s account.
The company also hammered in on the privacy issue, stating that Calibra will not share account information or financial data with Facebook or any other third-party without the express consent of the user.