Facebook is planning to launch a cryptocurrency named Libra but the company intends to share control with a consortium of organizations, including venture capital firms, credit card companies, and other tech giants. Each of the partners will inject an initial US$10 million
At launch, you’ll be able to send Libra inside of Facebook Messenger and WhatsApp, with it mostly being meant as an intermediary for transferring traditional currencies. Eventually, Facebook hopes Libra will be accepted as a form of payment, and other financial services will be built on top of its blockchain-based network.
Facebook is also launching a subsidiary company, Calibra, which will develop products and services based around Libra. It’s where Facebook intends to make money off of the cryptocurrency, and it’ll be starting with the launch of its digital wallet. Calibra will also handle Libra integrations for Facebook’s other products.
Libra is planning to launch in the first half of 2020.