In his post, Mark said that Facebook is cooperating with 27 organizations and together they are launching a non-profit Libra Association and a currency called Libra.
The main mission of the Libra is to create a worldwide financial infrastructure that will empower people all around the world said Zuckerberg in his post. Also, he mentioned that it’s going to operate on blockchain technology and that it’s planned to launch it in 2020.
Zuckerberg wrote about the importance of mobile money and its positive impact on people’s lives and about insecurities of cash money. They want to make it easy for all the people to perform money transactions, just as easy as using messenger to send photos or other files. To make this real Facebook is also going to launch an independent subsidiary, which is going to be called Calibra. And this will let creating services that are going to let people send or store Libra. The first one will be the wallet that will be available in Messenger and WhatsApp.
From the very start, Calibra is going to let users send Libra to everyone who has a smartphone. “Over time, we hope to offer more services for people and businesses”, - writes Zuckerberg in his Facebook account.
In addition, many famous services are going to use Libra for new services creation - from payment companies like PayPal and Mastercard to such popular services like eBay and Farfetch.
All these services are going to operate on a blockchain and it means they are going to be decentralized. Decentralization of these services means that there are many companies who run these services, instead of one. Also, the important thing is that it’s secured by cryptography, which means that your money will be safe.
“This is the beginning of an exciting journey and I’m looking forward to sharing more soon”, - said Zuckerberg.