What you need to know about Facebook cryptocurrency

Facebook plans to unveil their cryptocurrency tomorrow.

The new cryptocurrency is intended to help facilitate commerce on platforms owned by Facebook Inc.

Given the humongous size of Facebook Inc's user base, can we say the addition of a payment gateway on Facebook's platform is a good thing or a bad thing?

Well, decide for yourself.

The cryptocurrency known as Libra is designed to allow and help Facebook users transfer money to each other and also make purchases on the platform as well as across the internet.

The fact that a company like Facebook has embraced the utility of blockchain technology and cryptocurrencies will lend to the further establishment of the legality of blockchain technologies generally.

Libra is pegged to a number of cryptocurrencies and fiat currencies like the euro and dollar making it a stablecoin.

The tech giant worked with professionals to ensure that Libra does not possess the volatility common with most cryptocurrencies like bitcoin.

Libra has been endorsed by a number of governments and top organizations around the world including Uber, Paypal, Visa and MasterCard.

A lot of analysts are bullish on the coin as the price is expected to make a steady upward move after launch.