Facebook is going into the banking business with blockchain

Facebook is going after the banking business with a new digital currency and financial transaction network all based on blockchain.

After months of speculation and rumor, Facebook today announced it is creating a fiat-backed cryptocurrency that can be stored in digital wallets and used by consumers and others to transfer funds or make purchases anywhere in the world.

Calibra, Facebook’s digital wallet, will store Libra, Facebook’s digital currency. A Facebook user would download the Calibra digital wallet application, purchase the Libra digital currency through a financial network, and then perform peer-to-peer digital money transfers through Calibra as a stand-alone app. A user could also do the same thing through Facebook’s most popular communication platforms: WhatsApp and Messenger.

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