Cryptocurrency is now a household phenomenon Facebook is also ready to cut its share in the market with the coin code-name “Libra”.
Libra from Facebook will be launching next year 2020 and it targets to provide users an affordable and secure way of making payments. Users don’t need to have a bank account to use the coin. The company is said to be in talks with money transfer firms like Western Union to streamline the process and make it easy for people to send and receive money.
Facebook will be working with brokers and banks to enable people to change international currencies into Facebook digital coin. Since the social media giants have billions of users, Libra will be a major mode of payment with lower transaction charges.
The project will see it join forces with banks and brokers that will enable people to change dollars and other international currencies into its digital coins. You’ll be able to send and receive money using Messenger and WhatsApp once the coin is launched according to reports.
Facebook Coin will be rolled out next year but the question still remains, will people trust Facebook enough to exchange their cash for digital coin?
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