If you thought Facebook had no more markets left to expand into, you're completely mistaken. Revealed last Tuesday (06/18) was Libra, the social network's cryptocurrency set to launch in 2020. Offering a system of credibility and security and backed by heavyweight partners like MasterCard, PayPal, Uber, and Spotify, Facebook's entry into financial services looks promising.
Just like its rival Bitcoin, Libra is also based on blockchain technology. This database is public, authenticated, and records all transactions. The cryptocurrency is just the first launch of the new digital wallet, called Calibra, which will be available on services like WhatsApp and Messenger, in addition to its own standalone app, allowing simple and instant sending of cryptocurrency.
The company's goal with Libra is to compete with banks and reduce costs for consumers. With more than 2 billion profiles worldwide, Facebook's system is expected to serve even those without a bank account.
Keep in mind that Brazil isn't expected to adopt the new currency right away. No information has been given yet about which countries will accept Libra in its first phase, but we hope it won't take long for us to enjoy this new resource from the owners of the powerful Instagram.
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