Facebook announced on Tuesday that it will be launching its own cryptocurrency, Libra, in 2020 alongside partners including Uber and PayPal.
Facebook has set up a new company called Calibra to manage it, as well as an independent"Libra Association" to govern the currency along with a few dozen founding members.It's official, Facebook's making its own currency., the secretive cryptocurrency it's been working on for more than a year. The currency is being backed by investment from big payment companies like Mastercard, Visa, and PayPal, as well as tech giants including Uber and Spotify.
It's set up a subsidiary company called Calibra, a wallet to handle users' cryptocurrency dealings, plus an independent not-for-profit"Libra Association," made up of founding companies that have already thrown their weight behind Libra to the tune of $10 million each. Users will be able to convert their local currency into Libra and then store that balance of Libra in their Calibra wallet. They'll be able to do this electronically, converting currency into Libra either using the Calibra app itself or third-party wallet apps.In terms of converting real-world cash, they'll also be able to head brick-and-mortar shops like grocers or convenience stores to top up their balance, much like people can now with top-up phone pay-as-you-go phone plans.
"Over time there will be many others including in-store payments, integrations into point-of-sale systems, and more." Point-of-sale systems typically just means a till, or a card reader.
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