Facebook Inc. unveiled plans for a new cryptocurrency Tuesday that the social media giant hopes will one day trade on a global scale much like the U.S. dollar.
Called Libra, the new currency will launch as soon as next year and be what's known as a "stablecoin" — a digital currency that's supported by established government-backed currencies and securities. The goal is to avoid massive fluctuations in value so Libra can be used for everyday transactions in a way that more volatile crypotcurrencies, like Bitcoin, haven't been.
Libra is the culmination of a yearlong effort to devise an easy way for Facebook users to send and receive money through its messaging services. Private messaging is one of the company's fastest growing products, and Chief Executive Officer Mark Zuckerberg is embracing this by integrating all Facebook's messaging products to let users communicate between its different apps.