Libra cryptocurrency by Facebook allows people to send and receive money at nearly zero fees which pose a threat to global banking.
Facebook won’t fully control its Libra cryptocurrency, but instead get just a single vote in its governance like other founding members of the Libra Association, including Visa, Uber and Andreessen Horowitz, which have invested at least $10 million each into the project’s operations.
The Libra association will promote the open-sourced Libra Blockchain and developer platform with its own Move programming language, plus sign up businesses to accept Libra for payment and even give customers discounts or rewards.
Facebook Calibra Subsidiary
Facebook is launching a subsidiary company also called Calibra this company handles its crypto dealings and protects users’ privacy by never blending your Libra payments with your Facebook data so it can’t be used for ad targeting.
In other words, your real identity won’t be tied to your publicly visible transactions. But Facebook/Calibra and other founding members of the
Facebook Libra Association will earn interest on the money users cash in that is held in reserve to keep the value of Libra cryptocurrency stable.