After a seemingly long wait, social media giant, Facebook has officially revealed that it is in partnership with 27 other organizations working on the invention of a new cryptocurrency that will be called Libra.
As per the announcement made today by CEO Mark Zuckerberg, the goal of the blockchain powered Libra currency is to become a simple global financial infrastructure that will allow the unbanked population to finally get a first-hand experience of what it can be like to move money around the world in the same way they send text messages.
Notably, Zuckerberg revealed that the cryptocurrency which would be run by a newly created subsidiary, Calibra would initially kick off as a digital wallet available on its messaging apps, Facebook Messenger and WhatsApp, and then a standalone mobile app that should easily be accessible to anyone that has access to the internet and a smartphone.
With Facebook's long-standing issues with user data and regulation, Zuckerberg was quick to point out in the announcement that "Calibra will be regulated just like any other payment service provider" while data that users share on the new payment application would never be mixed with their Facebook information.
The Calibra app and of course, the Libra currency is expected to go live sometime next year, with all 27 founding partners also to roll out services that use the new payment tool.
Conclusively, Zuckerberg expressed confidence that bringing in a large number of companies (should reach 100 firms before launch) to work on the Calibra means that blockchain-system would be decentralized enough to make the system fairer overall.
Meanwhile, as you may already know, Facebook's cryptocurrency project has always been in the news since December 2018, when it was first muted as a potential payment tool that would only be available on WhatsApp. Since then, more random details regarding the product has been shared which as we can clearly confirm now is a consumer-focused cryptocurrency.