As the chorus grows to break up Facebook and regulators scramble to fix it over privacy violations, the social networking giant on Tuesday announced a digital wallet subsidiary called 'Calibra' that would launch Blockchain-powered cryptocurrency 'Libra' next year to help nearly one billion people globally who don't have a bank account but do have a mobile phone.
The new digital wallet for 'Libra' currency would be available in Facebook Messenger, WhatsApp and as a stand-alone app in 2020. Facebook has tied up with 27 organizations around the world to start the non-profit Libra Association to create the new currency.
"In addition to our efforts, many other companies will build their own services using Libra -- from payment companies like Mastercard, PayPal, PayU, Stripe and Visa, to popular services like Booking, eBay, Farfetch, Lyft, Spotify and Uber," said Facebook CEO Mark Zuckerberg.
"A number of leading venture firms are also joining to help drive innovation on the Libra network. We're hoping to have over 100 co-founding members of the Libra Association by the time the network launches next year," Zuckerberg added.