Facebook announces its encrypted digital currency Libra and its Calibra wallet
Facebook has officially announced after a long wait and scores of reports, the launch of its encrypted digital currency Libra which comes with an electronic wallet named Calibra.
Something that did not mention the reports that talked about the digital currency.
To engage the company in a new phase of financial transactions but on a global and expanded level.
Facebook established a subsidiary company under its umbrella with the name Calibra.
It was established in Geneva, Switzerland to be separate in its work and a financial transaction center in the country that offers many facilities on remittances around the world without taxes and difficult conditions.
But at the same time it aims to serve the parent company, and the Libra coin has been the product of the company’s work over the past period.
By launching the currency, it aims to facilitate financial transactions.
Sending and receiving funds with the participants at the podium with the support of a large number of well-known institutions, as mentioned in a previous report.
The new Libra currency will be supported since its launch by 28 different companies, including Facebook.
Includes: MasterCard, Visa Card, PayPal, ebay, Uber, lift, Spotify, Vodafone, Strep, Booking, Coinbase, Xapo Holdings Limited, as well as Mercy Corps, Kiva, International Women’s Banking Alliance and others.
Facebook says Calibra will be officially launched in 2020, and its encrypted digital currency services will be available on Messenger apps, WhatsApp.
As well as its separate application. Libra is transforming the dollar into a digital currency for easy transmission around the world.
But it will not work with the same mechanism as the existing encrypted digital coins, although they are built on the block-chain methods .
However, it is possible to work with some currencies in the future according to the company’s term.
Facebook seeks to exploit its global spread and reach most regions in order to provide a way to transfer money differently from known traditional methods.
As a result, it achieves a large percentage of the profit due to the expected number of subscribers with the launch of the service.
But at the same time, it saves time, effort and money on millions of people around the world who are sending remittances on a continuous basis.
As with workers who send money to their parents in their own countries.
Or self-employed persons who receive their fees through remittances, or even institutions that want to obtain an investment from outside the country.