devex | Facebook’s digital currency Libra: Why nonprofits are joining

June 24, 2019

SAN FRANCISCO — Facebook, together with 27 partners ranging from Visa to Mercy Corps, has unveiled a new global currency built on blockchain.

The company has been working on Libra for more than a year, but it is distancing itself from directly managing the cryptocurrency. Facebook created Calibra, the digital wallet that will store the currency, as a subsidiary that company representatives said will not be allowed to share financial customer data with other divisions of the company.

Facebook also established the Libra Association, an independent nonprofit entity based in Geneva, Switzerland, that will handle the design and release of Libra network, oversee the blockchain, and manage the digital token.

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