SAN FRANCISCO/NEW YORK - Facebook Inc revealed plans to establish a cryptocurrency called Libra on Tuesday. It will be run by an association comprised of other corporate investors and non-profit members, with an expected launch in the first half of 2020.
The Libra blockchain will be permissioned, meaning that only entities authorized by the governing association will be able to run the computers. Its governance differs from bitcoin, which does not have an entity in charge. Members include Mastercard Inc, Visa Inc, Spotify Technology SA, PayPal Holdings Inc, eBay Inc, Uber Technologies Inc and Vodafone Group Plc, as well as venture capital firms Andreessen Horowitz and Thrive Capital.
Facebook eventually wants to make Calibra available for transactions across its family of apps, such as digital checkouts for purchases on Instagram.
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