Facebook, Inc. is an American online social media and social networking service company who has announced that it will introduce its own cryptocurrency called Libra in 2020. Users will be helped in transactions with a new digital wallet called Calibra on a mobile application called WhatsApp and a messaging app & platform called Facebook Messenger. Calibra is also an independent subsidiary which will be used for its bitcoin business.
A Libra association is already formed for Libra. 27 members are included in the Libra association. MasterCard, PayU, and Uber are some of the members. Ensuring that worldwide merchants accept Libra is a purpose of the Libra association.
The founder of the American online social media and social networking service company Facebook, Inc. Mark Zuckerberg said, “We aspire to make it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos.”
Facebook, Inc. is said to be engaged with policymakers and regulators for the conversion of Libra into local currencies. It is not cleared yet whether the cryptocurrency Libra will be launched in India or not in 2020. Whereas the mobile application WhatsApp has more than 400 million smartphones users in India. While India has more than 300 million Facebook users. 1.3 billion WhatsApp users are there globally. 2.38 billion social network users are there globally.
Facebook, Inc is one of the big companies. It was founded in February in the year 2004 in Cambridge, Massachusetts, United States. Mark Zuckerberg, Andrew McCollum, Dustin Moskovitz, Eduardo Saverin, and Chris Hughes are the founders of Facebook, Inc. It is headquartered in Menlo Park, California, United States, according to the Facebook Wikipedia page.
Calibra will be a standalone app. The main purpose of the standalone app Calibra is to create services. The cryptocurrency Libra can be sent, spent, and saved using the services, Economic Times reported.
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