According to the Wall Street Journal, Facebook has received support from more than a dozen companies for its new encrypted digital currency called Libra, which it plans to unveil next week and launch next year.

It is expected that these companies would like to participate so that they can monitor Facebook’s payment ambitions as well as take advantage of the popularity of the currency if launched with Facebook users active 2.4 billion people.

Facebook wants to find a digital currency that offers reasonable and secure ways to make payments, regardless of whether users have a bank account or not, and hopes to compete with existing networks by breaking down financial barriers and cutting consumer costs.

“Payments are an area that society can make much easier, I think sending someone’s money should be as easy as sending a photo.” said the CEO of Facebook at a developer conference held earlier this year.

Source : The Wall Street Journal

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