It’s called Libra.
Facebook also announced the creation of the Libra Association, an independent organization that will manage the currency, and Calibra, a unit of Facebook that will build applications related to the new digital currency.
Facebook has 2.4 billion users around the world, an audience that could help it spur a bigger mainstream adoption of cryptocurrency than others have yet to generate. At the same time, the announcement comes at a critical moment in Facebook’s history.
Facebook launched a test version of its blockchain, the technology upon which cryptocurrencies like bitcoin are built. It is open-source software, meaning developers can experiment with building applications on the platform and submit feedback on the code.
The currency itself is set to launch in 2020.
“Libra’s mission is to be a simple, global currency and financial infrastructure that empowers billions of people,” said Facebook’s David Marcus, who runs Calibra and headed up the Libra project.
One of the aims of the project is to help the 1.7 billion people around the world who don’t have bank accounts access a stable currency and financial services.