It will allow consumers to send money to each other as well as potentially pay for goods and services using the Facebook-backed digital currency instead of their local currency. Facebook's Libra launch will extend its global domination Read moreCompanies involved include Mastercard, PayPal, the crypto exchange Coinbase, and eBay. Unlike bitcoin and other cryptocurrencies, Libra is tied to a mix of global assets to prevent the level of volatility common in the digital currency space. Cryptocurrency advocates say a company as large as Facebook entering the space is a huge gain for adoption of the technology. It also promised to give refunds to any users who are hacked or have Libra stolen from their digital wallets.

Source: The Guardian June 18, 2019 09:01 UTC