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Reuters.- Facebook revealed Tuesday its intention to launch a cryptocurrency called Libra, the last step in its effort to expand its business beyond social networks and to enter online commerce and global transactions.
Libra Association, a Geneva-based organization, is associated with 28 other partners. It will manage its new digital currency, scheduled for launch in the first half of 2020, based on information gathered in promotional materials and interviews with group leaders. company.
Among the associated companies are well-known names such as Mastercard, Visa, Spotify, PayPal, eBay, Uber and Vodafone, as well as venture capital companies such as Andreessen Horowitz.
Facebook has also created a subsidiary called Calibra, which will offer digital portfolios to record, transfer and use Libra cryptocurrencies. Calibra will be connected to the messaging platforms of Facebook Messenger and WhatsApp, which have more than 1,000 million users.
Read also: Facebook seeks to increase its presence in e-commerce in India
The company based in Menlo Park, California, has big plans for Libra, but concerns over consumer privacy or regulatory barriers can be significant hurdles.
Libra's partners expect to have 100 members to launch cryptocurrency during the first half of 2020. Each member gets the right to vote on important decisions about the Libra network and must invest at least $ 10 million to adhere.
Facebook does not plan to retain a leading role after 2019. The Libra association plans to secure funding through a private placement over the next few months, according to a statement from the association.
The name "Balance" is inspired by the Roman weight measurements, the astrological sign of justice and the French word for freedom, said David Marcus, former director of PayPal responsible for the Facebook project.
"Freedom, justice and money is exactly what we are trying to do here," he said.
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