SAN FRANCISCO/NEW YORK/PORTLAND, OREGON ¨C Facebook Inc. unveiled plans for a new cryptocurrency Tuesday that the social media giant hopes will one day trade on a global scale much like the U.S. dollar.
Called Libra, the new currency will launch as soon as next year and be what¡¯s known as a ¡°stablecoin¡± ¡ª a digital currency that¡¯s supported by established government-backed currencies and securities. The goal is to avoid massive fluctuations in value so Libra can be used for everyday transactions in a way that more volatile crypotcurrencies, like Bitcoin, haven¡¯t been.
Libra is the culmination of a yearlong effort to devise an easy way for Facebook users to send and receive money through its messaging services. Private messaging is one of the company¡¯s fastest growing products, and Chief Executive Officer Mark Zuckerberg is embracing this by integrating all Facebook¡¯s messaging products to let users communicate between its different apps.
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