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Facebook unveils details of its cryptocurrency project: Tech

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Wednesday, June 12, 2019

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PARIS, FRANCE - JUNE 18: In this photo illustration, a visual representation of a digital cryptocurrency coin sits on display in front of a Facebook logo on June 17, 2019 in Paris, France. Facebook will announce Tuesday, June 18 the details of its cryptocurrency, called " Libra ". Like bitcoin, the best-known virtual currency, it will rely on blockchain technology. This universal currency must allow its users to buy products or services from the Facebook universe, which also owns Messenger, Instagram and WhatsApp. It will also be possible to transfer "Libras" between individuals. Several companies like Visa, MasterCard, PayPal and Uber have already joined the consortium created by Facebook. (Photo by Chesnot/Getty Images)
: In this photo illustration, a visual representation of a digital cryptocurrency coin sits on display in front of a Facebook logo on June 17, 2019 in Paris, France. (Photo by Chesnot/Getty Images)

Facebook's cryptocurrency project is called Calibra, will launch in 2020: Facebook (FB) on Tuesday announced the details of its widely-rumored cryptocurrency project: a financial services offering called Calibra. Calibra is a “newly formed Facebook subsidiary” and its first product, launching in 2020, will be a digital wallet to store and send Libra, a new cryptocurrency. The digital wallet will initially be available inside WhatsApp and Facebook Messenger, and eventually as a standalone app for iOS and Android.

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