Facebook will be launching
the digital currency in partnership
with several other companies,
including Uber and Spotify. Libra would allow users
to send the currency and
shop through Instagram
and Messenger. The currency would
tentatively be distributed on
WhatsApp and Messenger
by the middle of 2020. To store and spend Libra,
Facebook also announced
its digital wallet, Calibra. Calibra would operate
similarly to Venmo, the
popular app that allows
users to easily transfer money. 1.7 billion Facebook
users have no access
to a banking system. With the roll out of Libra,
Facebook seems confident that
its customers are ready to think
of the company as a financial service.