The most widely used social media platform in the world, Facebook has recently announced the upcoming release of its highly-anticipated cryptocurrency project called Libra. After taking the social media landscape by storm, it appears Facebook founder, Mark Zuckerberg, will now be moving straight into the cryptocurrency market, and that is likely to generate much higher revenue streams for a company that already considered as one of the world's most valuable. Facebook is now set to release a new cryptocurrency by the name of Libra. The digital wallet project is set for launch sometime in 2024. Libra will facilitate person-to-person transactions and payments, traditional e-commerce, and also spending with apps.After much speculation, it was confirmed very recently that Calibra, another digital wallet will use this new cryptocurrency called Libra, which is set for release in 2024. So far, it has received massive investments from some of the largest corporations in the world including PayPal, Uber, Visa, eBay, Spotify, and a few others.
A First for Facebook with cryptocurrencies
Once it is released, Facebook will claim that the Calibra platform will also be available on Facebook Messenger and on WhatsApp, as well as a standalone apps that will be easily accessible and widely available to everyone. What is really exciting about this fantastic news is that Facebook is finally bringing its digital assets to the masses. The company is finally embracing cryptocurrencies and making it easily available to the general public through all of its social media platforms, which are used by a staggering 2.38 billion people across the globe.
How does Libra Work?
When it eventually get here, Calibra will allow its users to send and receive Libra cryptocurrency by using a mobile phone or tablet. As time progresses along, Facebook will also claim that it hopes to incorporate even more services for users and businesses, and they will range from cashless smartphone-scan-based transactions systems, perhaps Scantractions? We will let you have that one, Facebook, at your nearest coffee shop to simplified one-tap billing payment systems.
A Game Changer
From an online casino perspective, the new Libra could be a massive game-changer that could redefine the way casino players make their deposits at online casinos. Various online casinos support depositing and withdrawing using cryptocurrencies like Bitcoin. Nevertheless, they are nowhere near as commonly used by online casino players as traditional banking methods such as credit and debit card payments or bank transfers. With Libra, Facebook will undoubtedly do its best to maximise user adoption rates and experience, probably by making the new cryptocurrency as user-friendly as possible so nobody will be afraid to use it. Once people feel comfortable using this type of efficient payment platform, then, you can expect the number of transactions made using the new cryptocurrency to rise significantly over the next ten years.
New Blockchain Technology for Facebook
By tapping into all the digital assets economies, and bringing something that is still a pretty unfamiliar concept to the mainstream, then Facebook will make massive changes to how the world works. We can do little more than just speculate on what it could be like 10 years from now, it is always exciting to hear about new ideas that aim to bring about a considerable change to the society where we live. Despite all the regulatory hurdles, obstacles, and warnings, the Menlo Park-based Facebook has now officially become the very first of the big four tech giants, including Google, Amazon, Facebook and Microsoft to throw its weight behind a tumbling cryptocurrency wave.
Mark Zuckerberg Announcement
Late on Tuesday afternoon, Mark Zuckerberg announced his ambitious plans to launch the new Libra, which is a brand new crypto asset which the company claims will be unlike any other cryptocurrency that exists in the market now. Currently under development, and expected to be made available to the public starting from mid-2020, Libra, as Facebook has explained, is digital money that is specifically designed for the billions of people around the world who use its apps and its social networks. At the unveiling of the Libra crypto, Facebook also revealed that once fully functional, it plans to add more support for the cryptocurrency within its broad range of social media platforms and messaging apps.
Platforms and Banking Partners
From Instagram all the way to Messenger and WhatsApp as well, with Libra, users will easily be able to receive and to send the cryptocurrency digitally to all their friends, family, business contacts and anyone in the world, as well as buying and selling goods and services with it over Facebook many platforms. And for those still not that impressed it announced that Libra would additionally get wide-ranging and extensive support for external merchants and all banking partners such as Uber, Spotify, Paypal, Visa and MasterCard.