Facebook (fb) said it had approached 28 partners to set up the Libra Association (Libra Association), headquartered in Geneva, to manage Facebook's new digital currency. The currency will be available in the first half of 2020.
Facebook is a company based in California. Previously, Facebook also created the Calabra subsidiary to provide a digital wallet connected to the messaging platform Messenger and WhatsApp for storing, sending and consuming "Libra" digital currencies.
Facebook's bet to extract revenue from its messaging services through trading and payment services has been confirmed by Chinese social apps such as social app.
The combination of the Calabra's transaction data with Facebook, WhatsApp and Instagram's social data is where the treasure lies, "said Teunis Brocin, the head of digital finance and regulation in the Netherlands International Group in Amsterdam.
But concerns about consumer privacy or regulatory barriers may lead to strong resistance to Facebook. Facebook's services have been cut to over 1 billion users.