Facebook Reveals It’s Own Cryptocurrency “Libra”

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Facebook finally announced its upcoming platform, Calibra, and its new cryptocurrency Libra. Governed by the Libra Association, which comprise of co-founders such as Uber, Lyft, PayPal, and Facebook itself, the Switzerland-based organization will manage the new platform independently and as a non-profit entity.

The 28 co-founders promise to “manage and evolve” the blockchain (Libra Blockchain) built global currency with its reserve of Libra Reserve assets. While Facebook is playing a key role in the development of Libra Blockchain and the Libra Association, Libra won’t be limited just to the social media network despite being one of its subsidiaries.

Founding members will come to decisions as a whole, and all members will have to same obligations, commitments, and privileges as everyone else. The company states it intends to launch its own Calibra wallet in Messenger, WhatsApp and a standalone app in 2020. It also states it plans to recruit more members and adjust itself according to feedback from regulators and policymakers.

Here’s a full list of current Libra Association founding members:

Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa, Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc., Iliad, Vodafone Group, Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking.
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