Too Long; Didn't Read
Facebook announced June 18th that it is launching two cryptocurrencies, including Libra and Calibra. Libra, Facebook’s native currency, will be available to Messenger and WhatsApp users, who can cash in their local currency to buy Libra. The currency will be held in a digital wallet and can be spent on products and services at participating merchants, just like any other currency. Facebook doesn't see the cryptocurrency as an attempt to replace the current financial system, as is Bitcoin. It's intended to extend a digital payment method to under-served populations that don't currently have easy access to traditional financial institutions.