Eventually, the buzz is going to take on reality. Facebook launches their digital currency based on Cryptocurrency named Libra. on Tuesday ( 18 June ), Facebook announced its official release of Cryptocurrency ‘Libra’. Chief executive Mark Zuckerberg announced about Libra on his official Facebook page.
Early this year Facebook, the biggest social media platform in the world declared their new Remittance Service in the form of Cryptocurrency. Through Libra, Facebook and WhatsApp users can easily shop, manage and exchange money with each other.
There was a rumor about libra from last December. At the beginning of the new year, they started to get new employees for this project. they expand their Cryptocurrency team.
Facebook also announced that they acquire London-based Cryptocurrency based company Chainspace.
Zuckerberg said in his facebook post:
Libra’s mission is to create a simple global financial infrastructure that empowers billions of people around the world. It’s powered by blockchain technology and the plan is to launch it in 2020.
Investors are so excited about libra cause Cryptocurrency emerging world. The importance of this business can be realized on the arrival of Facebook. According to the economist, For the development of the international market, ‘Facebook Coin’ will be working as a catalyst.
Already, the world’s largest financial services provider, including other service providers, has signed an agreement with Facebook for Cryptocurrency Libra. The list includes MasterCard, Visa, PayPal, Strip, eBay, Uber, Lift, Spotify, Coinbase, xapo, Anchorage , Booking.com, Vodafone.
Total 100 companies, including these companies, will control Facebook’s Cryptocurrency libra as an autonomous organization named ‘Libra Association‘.
Earlier in 2014, Facebook announced that it was interested in working for a remittance system. The World Bank encouraged Facebook to come forward in this work. Moreover, the remittance market is expanding and it is a profitable business.
The idea of remittance comes from ‘Economic Migration’. To the recipient, money is sent through the company like Western Union or MoneyGram. mobile payment service is The latest payment system that is using widely.
Facebook causing privatization to this area by coming forward. They are making a strong platform for this sector.
Facebook also announced some new product and features at F8 developer conference : Secret Crush feature, Facebook portal, Oculus VR and many more.