Facebook Announces its Cryptocurrency Libra, to Launch in H1 2020 - Forex News by FX Leaders

Facebook Announces its Cryptocurrency Libra, to Launch in H1 2020

Posted Wednesday, June 19, 2019 by
Arslan Butt • 1 min read

On Tuesday, Facebook announced the launch of its very own cryptocurrency, Libra, aimed for easier payments and transactions worldwide. It has partnered with 28 leading companies, including Mastercard, PayPal and Uber, to create the Libra Association which will govern this global digital currency.

The social networking leader also announced the launch of a subsidiary, Calibra, which will provide digital wallet service for users for storage, spending and sending of payments in Libra. This digital wallet can be connected with users’ Facebook and WhatsApp accounts to send and receive payments.

Facebook plans to launch Libra during H1 2020 with an aim to power transactions between businesses and consumers worldwide and even empower consumers who don’t yet have bank accounts to send and receive payments. With Libra, Facebook can generate an additional stream of revenue beyond ads, which have received a lot of flak for violating users’ privacy.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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