Facebook’s Libra is hoping to revolutionize the Global Economy!
Facebook is ready to change the game by launching their new cryptocurrency named “Libra”.
The leading social networking company announced that they are expecting to launch Libra in the first half of 2020.
Ulrich Gallersdörfer, a researcher at Technical University of Munich focused on blockchain research said, “This is an order of magnitude more efficient than bitcoin will ever be”.
Libra is going to be a centralized cryptocurrency and it is designed to be used by anyone quite conveniently. According to The Wall Street Journal, Facebook won’t fully possess the ownership of Libra and it will be controlled by an independent consortium of organizations including PayPal, Visa, Mastercard and Uber. The said consortium is Libra Association. In fact, each company of Libra Association will be investing around $10 million in order to fund the development of Libra.
Libra will allow users to transfer money using social media platforms such as WhatsApp and Messenger, too.
Facebook will also launch Calibra, a subsidiary company which will provide services based around Libra.
Most importantly, Libra is expected to offer people to make secure payments without the need for a bank account. It is also going to be an affordable method.