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Facebook to launch cryptocurrency wallet in 2020

By Cookie Monster - on 19 Jun 2019, 12:00am

Facebook to launch cryptocurrency wallet in 2020

Calibra is a newly formed Facebook subsidiary. Its first product is a digital wallet for Libra, a new global currency powered by blockchain technology. <br>Image source: Facebook

Facebook announced that it will be launching a cryptocurrency wallet next year. 

Calibra, which is its newly formed subsidiary, has a new digital wallet for Libra which is a new global currency powered by blockchain technology and supported by MasterCard, Visa, PayPal, eBay , Uber, Spotify and others. 

Calibra will allow people to send and receive Libra cryptocurrency by using a smartphone. It will be available in Messenger and WhatsApp, as well as in a stand-alone app. It also allows users to change US dollars into Libra on local or online currency exchanges. While Calibra will not function like a cryptocurrency exchange, there are plans to integrate with some cryptocurrency exchanges in the future.

Image source: Facebook

Facebook plans to expand Calibra to support bill payments, buy items with a scan of a code and pay for public transport rides. Users can easily deposit funds in their Calibra accounts through a sign-up process that allow them to select from a list of partner payment providers. 

When it comes to user data privacy, Facebook claims that Calibra will not share data with it. This means account details of Calibra’s users will not be used to improve targeted ads on Facebook or its ecosystem of apps. 

Source: Facebook via Engadget

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