In the wake of Facebook announcing that they are soon to launch their very own Cryptocurrency, dubbed Libra, it has now unveiled their latest plan to create a new digital currency wallet and financial system, in the hope to transform the way money is moved around globally.
Since news broke about Facebook’s cryptocurrency, Libra, many big name global companies are standing strong behind the project. Partners include payment companies such as Visa, Stripe, PayPal and Mercado Pago. Among the tech companies these include eBay, Lyft, Uber and Spotify.
The new digital wallet, named Calibra, will be initiated for its users to store and exchange the Libra cryptocurrency using the Facebook app, with the main goal for developers to create a convenient, easy and free way to send money around the world, like you would send a message or photo now.
Leader of Facebook’s Calibra division has commented on the development stating,
“We’ve seen internet change the game for everything that could be digitized, except for money. The numbers really speak for themselves. There’s 1.7 billion people around the world that are unbanked, the same number are underserved by financial services.”
The former president of PayPal went onto state,
“Now, anyone with a cheap smartphone has access to all the info they want in the world for free with a basic data plan. Why doesn’t money work the same way?”