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Facebook Unveils Virtual Currency Libra, Gets Support from Visa, Mastercard
June 20, 2019
This Tuesday, Facebook unveiled its own cryptocurrency called Libra that may increase e-commerce activities and digital advertisements on its platform. The virtual currency is still under development and may take 6-12 months for an official launch, although it’s backed by over a dozen partners that are funding and building the underlying system. These include giants like Spotify, Visa, PayPal, and Uber.
The spokesperson of the social media giant said that Libra will make it possible for the users to send money across the world without paying a huge fee that’s typical with service providers like Western Union. They also said that the new currency will also bring e-commerce to those who don’t have credit cards or formal bank accounts.
Photo credit: stockcatalog on Visualhunt.com / CC BY
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