Facebook is getting set to launch its Libra cryptocurrency and has released some details. Most notably, Libra will enable people to send money with zero fees, allowing the currency users access to purchase Libra online or at local stores. It can be spent either using a third party wallet app or Facebook's Calibra wallet which is integrated into Facebook Messenger and WhatsApp. Calabria will be a company launched by the social media giant to handle its cryptocurrency.
Libra cryptocurrency will not be fully controlled by Facebook but the company will be a voting member within the organization. Other members will include Uber, Bisa and Andreessen Horwitz, each of which has made a minimum $10 Million USD investment in the new cryptocurrency.
Social Media Cryptocurrency
Facebook Plans to Launch Its Libra Cryptocurrency
Trend Themes
1. Zero-fee Transactions - Facebook's Libra cryptocurrency enables people to send money with zero fees, creating opportunities for disruption in the payment industry.
2. Third Party Wallet Apps - The integration of third party wallet apps with Libra offers a disruptive innovation opportunity for fintech companies to enhance the user experience and tap into the growing cryptocurrency market.
3. Cryptocurrency Consortium - The formation of a consortium with influential members such as Uber, Bisa, and Andreessen Horwitz in the Libra cryptocurrency project opens possibilities for collaborative disruption within the financial sector.
Industry Implications
1. Payment Industry - The zero-fee transactions of Facebook's Libra cryptocurrency could disrupt the traditional payment industry, challenging existing players to innovate and compete.
2. Fintech - The integration of third party wallet apps with Facebook's Libra cryptocurrency presents disruptive innovation opportunities for fintech companies to create innovative solutions and gain market share.
3. Financial Sector - The formation of a consortium with influential members in the Libra cryptocurrency project offers disruptive innovation opportunities for collaboration and disruption within the financial sector.