Facebook Cryptocurrency Wallet Launches in 2020 – Nextyug India IT Solution
Facebook has finally announced the launch of its official cryptocurrency Libra with its digital wallet Calibra. The company said that it is in the process of developing a global cryptocurrency that will launch next year alongside a blockchain network that will support it. The cryptocurrency technology is being supported by MasterCard, Visa, PayPal, eBay, Uber, Lyft, and Spotify, among others. It is predicted that the app will hit the markets in 2020 and will be available in Messenger, WhatsApp, and as a standalone app.
The main goal of the app is to allow individuals to transfer funds who lack access to traditional banks. Almost half of the adults don’t have a bank account, and the margin is even worse in developing countries.
With Calibra, users will be able to easily send and receive Libra cryptocurrency by using their smartphones. Very soon people will be able to use it for more online and offline services like buying products online, paying for a cup of coffee or a taxi ride. The main aim is to create a cryptocurrency in a decentralized form that is as stable and acceptable as the dollar, can be used to buy any product, and is supported globally.
For using Calibra, firstly you have to create an account and then you can add funds in your wallet by selecting from a list of partners, like MasterCard, Visa, PayPal, and Stripe. Also, people will be able to exchange US dollars into Libra cryptocurrency for their Calibra wallet by visiting any local or online currency exchange store. Although Facebook does not have a good reputation in protecting people’s privacy if this new cryptocurrency app succeeds, it could the most meaningful app released by Facebook.