Facebook has released details about its brand new cryptocurrency, Libra. The social media company announced the creation of the Libra Association, an independent organization that will manage the currency. Facebook also announced that they will be creating Calibra, which will be the digital wallet for Libra.
The Libra Association will be run by Facebook along with 27 other companies, including Mastercard, Visa, eBay, PayPal, Uber, and Lyft. They hope to get at least 100 companies on board before Libra launches.
Facebook users will be able to use the currency to send money to each other and buy products both online and eventually offline. The company says the fees will be lower than those at traditional banks. The social network hopes that Libra will become the world's first mainstream cryptocurrency.
"Libra's mission is to be a simple, global currency and financial infrastructure that empowers billions of people," said Facebook's Vice President of blockchain David Marcus.
Facebook expects to roll out Libra in the first half of 2020 and it will be available through Messenger, WhatsApp, and as a standalone application.
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