Facebook to launch blockchain based cryptocurrency ‘Libra’

New Ideas in MarketingEssential news for marketers, summarised by YouGov
June 18, 2019, 12:35 PM UTC

The tech giant is also building “Calibra” app to handle Libra transactions through apps, WhatsApp and Messenger.

Social media giant Facebook has said that it will launch a new digital currency “Libra” as it looks to cater to billions of “unbanked” people around the globe. The currency which is based on blockchain technology will be overseen by an association of numerous tech giants like Uber, MasterCard and Visa. 

The company said that the cryptocurrency would enable people to make faster, cheaper and secure transactions through their smartphones. However, the technology will not be available for ordinary users until 2020. 

This article also states that along with Libra, the Silicon Valley giant is building its own app “Calibra” to allow users to send and receive the digital currency. Facebook, which has been hit by privacy scandals, said that it would not use the transaction data to profile users.

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