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"Today, Facebook finally announced its long-rumored cryptocurrency platform, Calibra. Some speculated that the company would rely on outside firms and existing cryptocurrency exchanges, like the Winklevoss twins' Gemini. Instead, Facebook's Calibra will use a brand new cryptocurrency, Libra. The cryptocurrency will be governed by the Libra Association -- a purpose-built, independent non-profit headquartered in Geneva, Switzerland.
As of today, the Libra Association has 28 co-founders, including MasterCard, PayPal, Visa, eBay, Spotify, Uber, Lyft, Vodafone Group, Andreessen Horowitz, and of course, Facebook. The association formed to "manage and evolve" Libra, which aims to be a new global currency built on blockchain (Libra Blockchain) and backed by a reserve of assets (Libra Reserve). Libra won't be limited to Facebook, and when it's up and running, the association hopes it will "empower billions" by giving people access to financial services without necessarily requiring a bank account"
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