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Facebook just took the wraps off 'Libra', a new cryptocurrency that will let anyone in the world pay with their smartphones (FB)

Facebook just took the wraps off 'Libra', a new cryptocurrency that will let anyone in the world pay with their smartphones (FB)
AP Photo/Francois Mori



Facebook has officially announced its new digital currency, "Libra."




It's built with blockchain technology, and is being governed by a consortium of big companies including MasterCard, Visa, Uber, and Spotify.




The buzzy, secretive project has been in the works for more than a year — and comes as Facebook faces numerous scandals around data privacy.




Libra is aimed at providing financial services to billions of people around the world, especially those who don't currently have access to banking.




Visit Business Insider's homepage for more stories.



Facebook is teaming up with an array of heavyweight multinational companies to launch a new digital currency called "Libra" in an ambitious push to provide financial services to billions of "unbanked" people around the world.
On Tuesday, the Silicon Valley social networking giant officially announced what its buzzy and secretive blockchain team has been working on for the last year or so: A new cryptocurrency that aims to provide fast, cheap, and secure online payments via smartphones across the globe, sidestepping the traditional financial system.
The project represents a striking push from Facebook into a radically new and reputationally risky industry, even as the company continues to suffer under the weight of two years of scandals, ranging from multiple privacy crises to its implication in the spread of hate speech that fueled genocide in Myanmar.
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