The world’s most widely used social media platform, Facebook recently announced the upcoming release of its highly-anticipated cryptocurrency project, Libra.
After having taken the social media world by storm, it appears as though Facebook founder, Mark Zuckerberg, will now be moving into the cryptocurrency market. This is likely to generate even higher revenue streams for a company that is already considered to be one of the world’s most valuable.
- Facebook will release a new cryptocurrency called Libra.
- The digital wallet project is set to launch in 2020.
- Libra will facilitate person-to-person payments, traditional e-commerce, and spending on apps.
Libra Set for Release in 2020
After much speculation, it was recently confirmed that Calibra, a digital wallet that will use a new cryptocurrency called Libra, is set for release in 2020. So far it has received huge investments from some of the world’s largest corporations such as PayPal, Uber, Visa, eBay, Spotify, and various others.
Facebook Venturing Into Cryptocurrency
Once released, Facebook claims that the Calibra platform will be available in Facebook Messenger and WhatsApp, as well as a standalone app that will be easily accessible and available to everyone. What is exciting about this news is that Facebook is finally bringing digital assets to the masses.
The company is embracing cryptocurrency and making it readily available to the general public through its social media platform used by 2.38 billion people across the globe.
How Will Libra Work?
When it does eventually get here, Calibra will allow users to send and receive Libra cryptocurrency simply by using a smartphone. As time progresses, Facebook claims that it hopes to incorporate more services for people and businesses. They will range from cashless smartphone-scan-based transactions (Scantractions, perhaps? We’ll let you have that one, Facebook) at your nearest coffee shop to simplified one-tap billing payment systems.
Redefine the Way Online Gamblers Make Transactions
From an online casino perspective, Libra could be a huge game changer that redefines the way gamblers make deposits at online casinos.
There are various online casinos that support deposits and withdrawals made using cryptocurrencies such as Bitcoin. Nonetheless, they are still nowhere near as commonly used by online casino gamers as traditional methods such as card payments or cash deposits.
With Libra, however, Facebook will undoubtedly do its hardest to maximize user adoption rates, probably by making the cryptocurrency as user-friendly as possible so that nobody is too afraid to use it. Once people feel more comfortable using this type of payment platform, then, we can expect the number of payments made using cryptocurrency to rise significantly over the next decade.
Facebook Blockchain Technology
Essentially, by tapping into the digital assets economy and bringing something that is still an unfamiliar concept into the mainstream, Facebook will make significant changes to how the world works. Though we can do little more than speculate on what things could be like ten years from now, it’s always exciting to hear about new ideas that aim to bring about a huge change to the society we live in.
David Marcus, the head of Facebook’s Calibra division, stated the following in regards to the impact of this new cryptocurrency:
We felt it was time to try something new, and this is the beginning of a long journey in launching this new network. Libra is really designed from the ground up to be a great medium of exchange, a very high-quality form of digital money that you can use for everyday payments.