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Facebook has announced that they are releasing a new cryptocurrency for online gambling called Libra. Libra will be released in 2020 to rave reviews by Facebook members.

What is Libra?

It is a digital wallet that will allow person-to-person payments, purchasing apps, and more. According to Mark Zukerberg, this new cryptocurrency “is likely to generate even higher revenue streams for a company that is already considered to be one of the worlds most valuable.” It is Calibra, also a digital wallet that will utilize Libra. The Calibra platform will be available for Facebook Messenger and WhatsApp. As a stand alone app, it will be available to any who wishes to use it.

How Does Libra Operate?

According to Facebook, Calibra will allow users to send and receive Libra using a smartphone. Eventually, more services will be added for businesses and members. As it relates to online casinos, Libra, according to Facebook, “could be a huge game changer that redefines the way gamblers make deposits at online casinos. Despite the fact the Bitcoin is the #1 cryptocurrency used by a majority of online players, Facebook’s Libra will undoubtedly do its hardest to maximize user adoption rates, probably by making the cryptocurrency as user-friendly as possible so that nobody is too afraid to use it. Once people feel more comfortable using this type of payment platform, then, we can expect the number of payments made using cryptocurrency to rise significantly over the next decade.” This remains to be seen. Until Libra is officially introduced in 2020, we will see if Facebook’s optimism holds up.