The cryptocurrency will be launched next year.
Facebook has revealed more details about Libra, a new cryptocurrency which they’re aiming to launch by next year. It was also said that the currency will be backed by Visa, MasterCard, PayPal, Uber, and eBay and is looking to grow up to 100 members to get it the project started.
It was also pointed out that Libra will be pegged to some assets so that its value will be stable, unlike Bitcoin where its value largely depends on speculation. Insiders said that the assets might include bank deposits in major global currencies like the dollar or the euro, which usually has a stable value.
Additionally, Facebook also said that Calibra will be the digital wallet where you store Libra. It will feature the same security methods being used by banks to ensure optimum security. There will also be a dedicated live support line that can help you just in case your accounts gets compromised.
It was also highlighted that Calibra will not use personal information to be shared with third parties without user consent. This statement is somewhat reassuring, considering the various privacy issues that Facebook has faced over the past months.
More detail should be revealed in the next few months. But we want to ask you: will you consider using Facebook’s Libra cryptocurrency once it launches? Let us know your thoughts in the comments below!