Cryptocurrency has been growing in popularity over the years with more and more companies and celebrities jumping on the wave. However, it looks like Facebook is getting ready to compete with Bitcoin and other cryptocurrencies. Earlier today, they announced that they'll be launching their own cryptocurrency called Libra later this month.


Justin Sullivan/Getty Images

Per Tech Crunch, Facebook's new cryptocurrency, Libra, will launch a white paper explaining the basics of the crypto-coin on June 18th. The company’s Head of Financial Services & Payment Partnerships for Northern Europe Laura McCracken explained to a German magazine that the cryptocurrency would be associated with different currency as opposed to simply a single one as a way to prevent fluctuation. Facebook themselves have yet to confirm the details on Libra but there are rumors that the company is planning a formal launch of the product in 2020. 

This could be revolutionary if executed properly. It would make Facebook introduce a new era of e-commerce on their social media platform which could change the game.

In other Facebook-related news, Huawei smartphones announced that they will not be pre-installing Facebook onto their phones anymore as a response to Washington blacklisting the Chinese tech-company. Along with Facebook, Instagram and Whatsapp will also not be installed on said smartphones. However, if you're already an owner of a Huawei smartphones, the Facebook, Instagram, and Whatsapp applications will be unaffected.