If you haven’t heard by now, cryptocurrency is going mainstream. On Tuesday, June 18 Mark Zuckerberg and 27 of his closest friends announced Libra, a blockchain cryptocurrency that will be used to make exchanges on Facebook’s 2.7 billion users on Facebook Messenger and What’s App and eventually be able to make transactions for services like Uber or Lyft.
Unlike the sporadic Bitcoin, Libra will be launched as a stable-coin, meaning it is supported by government-backed currencies around the world with 0 fees. Zuckerberg hopes for Libra to be traded like a national currency. Facebook also launched Calibra which will serve as the digital wallet for Libra transactions, as if we needed another app for transactions.
What Else is new?
Facebook will not have full control over Libra, rather have 1 vote among the other founding members including Visa, PayPal, Uber, and Lyft (just to name a few).
Facebook is still under scrutiny over mishandling users’ private data during the 2016 presidential election. European politicians are demanding more regulations on the global powerhouse.
The launch of Libra is expected to change the way citizens over the world make transactions. Expect to pay for Facebook Ads with Libra soon.