Facebook reveals details of its new bitcoin killer: “A new global currency”

On Tuesday, Facebook released the white paper for its upcoming cryptocurrency “libra”. At the site libra.org, the social media giant is now confirming its upcoming major crypto venture.

Libra will be a so-called stablecoin, i.e. a currency which price will be kept at a stable and even level. In addition, libra will run on an open source blockchain.

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28 companies back the project

The blockchain network will be controlled by a consortium called “Libra Association”. The consortium includes a total of 28 companies, including Ebay, Uber and Spotify. However, the consortium will be separate from Facebook.

The purpose of the new cryptocurrency is to facilitate payments on Facebook’s various platforms, such as Messenger, Instagram and Whatsapp.

Something that has also been presented today is Calibra, a subsidiary of Facebook, which will serve as a wallet for libra.

“Imagine a new global currency on a new global network”, it says on Calibra.com.

Libra will launch in early 2020.

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