Facebook introduces Libra, its own crypto-currency

With the announcement of Libra, Facebook has finally taken the plunge into the world of crypto-currency.  Libra will allow Facebook users to send money to each other and pay for goods and services through Facebook’s linked apps such as Messenger and Whatsapp.

Backing Libra are companies like Paypal, Mastercard, Visa, eBay, Coinbase, Stripe, Spotify, Uber, Lyft, and Vodafone, among others. That is an impressive lineup of supporters.

In all, a total of 27 such partners are part of a new non-profit Libra Association that will oversee Libra’s development and contribute to the Libra Reserve asset pool.

Libra is expected to be up and running in early 2020.

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