Finance

Facebook to launch it’s own cryptocurrency next year

The world’s biggest social network, Facebook, has announced that they will be bringing cryptocurrency payments into the mainstream with the endorsement of governments and financial giants.

Libre, as they are calling it, will be launched in 2020 and will be joined by Visa, Mastercard, PayPal, Uber and a dozen other companies.

It’s been reported that the companies, venture capitalists and telecommunications firms will invest $10-million each, with the consortium being managed externally and building trust by pegging the currency to other currencies such as the dollar and euro.

It is hoped that the virtual currency will not be as volatile as bitcoin.

Chief executive Mark Zuckerberg aims to achieve a platform like WeChat which allows for users to chat, shop and play games without leaving the platform but on a smaller, more private level.

Levels of trust and privacy will need to be overcome as well as the matter of how financial data will be stored but Zuckerberg believes it could be the most important initiative to the company, unlocking new revenue streams in shopping and gaming.