What is Facebook's new cryptocurrency?

All you need to know about Facebook's new cryptocurrency. Facebook’s new digital currency, Libra, will roll out for use in 2020. On Tuesday, Facebook announced a digital currency called Libra that will roll out for use in 2020 and allow the platform’s billions of users across the globe to make financial transactions online.

Is Facebook a 'Facebook coin'?

Then payments can truly be private, secure, and encrypted—rather than running through traditional payment rails (like Mastercard and Visa). It’s like Facebook is minting its own money: truly a “Facebook coin.” Paying with credit cards online is a hassle.

What is Facebook's Libra Crypto Wallet?

Facebook created a subsidiary company called Calibra that develops a Libra cryptowallet. The wallet will be integrated into WhatsApp and Messenger but will also function as a standalone app. Users will be able to use Calibra to make peer-to-peer transactions and day-to-day payments to vendors who accept the Facebook crypto.

Is Facebook's crypto decentralized?

Yes. On paper, Facebook’s crypto is decentralized – there isn't a single company in control of the cryptocurrency. So far there are 28 partners (including a Facebook subsidiary created to provide financial services with Libra coins) which can reach consensus, thus making the Libra blockchain work.