Facebook has revealed its to launch its own cryptocurrency next year.

The new currency - titled Libra - will be purchasable through its platforms and will be stored in a digital wallet, called Calibra.

The company said the payment system will be integrated with other apps owned by Facebook, including WhatsApp, with third-party companies like Uber and Visa expected to accept the new currency.

Potential

“Libra holds the potential to provide billions of people around the world with access to a more inclusive, more open financial ecosystem," said Calibra head David Marcus.

“We know the journey is just beginning, but together we can achieve Libra’s mission to create a simple global currency and financial infrastructure that will empower billions of people.”

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