Facebook is to launch a cryptocurrency next year - backed by the likes of Mastercard, Visa and PayPal - which will allow people to move money from their smartphone. Facebook is to launch a cryptocurrency next year - backed by the likes of Mastercard, Visa and PayPal - which will allow people to move money from their smartphone. The social network is hoping that its collaborative approach can ease volatility concerns of existing blockchains and cryptocurrencies. Facebook will operate its own digital wallet for people to spend Libra, known as the Calibra Wallet, which will be available in WhatsApp, Facebook Messenger and as a standalone app. Users will be able to send money to each other initially, at low to no cost, the social network said.

Source: Irish Independent June 18, 2019 09:00 UTC