Facebook has finally announced the details about its cryptocurrency Libra which will let you make purchases and transfer money for a minimal fee close to zero. Libra can integrate with any third-party wallets and Facebook’s very own Calibra wallet application to make payments with your mobile device.
You can go through the Libra whitepaper encompassing details about Libra and its testnet to develop its blockchain system before the public launch in the first half of 2020. The platform will invite applications from businesses to accept Libra for payment and will also offer discounts to the customers making purchases via Libra.
Libra isn’t completely owned by Facebook, but it holds a single vote in its governance just like the other founding members of the Libra Association (Geneva, Switzerland) including: Uber, Visa and Andreessen Horowitz. All members have invested $10 million each.
Facebook will be soon launching a subsidiary company also called Calibra that handles its crypto dealings and protects users’ privacy without merging Libra payments details with Facebook data.
Facebook has also revealed details about the soon-to-be-founding-members of Libra which include:
- Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
- Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc.
- Telecommunications: Iliad, Vodafone Group
- Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
- Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
- Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
Facebook’s objective is to reach 100 founding members before the official launch.