Facebook has closely guarded its crypto plans for more than a year.
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Facebook Inc. unveiled plans for a new cryptocurrency that the social-media giant hopes will one day trade on a global scale much like the U.S. dollar.Private messaging is one of the company's fastest growing products, and Chief Executive Officer Mark Zuckerberg is embracing this by integrating all Facebook's messaging products to let users communicate between its different apps.So Facebook and its partners are mimicking how other currencies have been introduced in the past.Facebook created a new subsidiary, called Calibra, to build the new wallet and focus on the company's blockchain efforts.If successful, libra could make Facebook a much bigger player in financial services.Marcus said Facebook has been in contact with regulators and central banks, but added that the company hasn't received a "no-action" letter from the SEC yet.Facebook is being investigated by the Federal Trade Commission over the company's privacy practices. Some have called for the company to be broken up, including Sen. Elizabeth Warren and Facebook co-founder Chris Hughes. The company plans to keep financial data gathered from libra users separate from Facebook user data.
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