Facebook plans to launch its own cryptocurrency in the winter or spring of 2020. The company still has to gain regulatory approval, but if they do, what will this mean for players who want to deposit with Libra at online casinos?
While regulatory approval is still pending, many online corporations are already members of the Libra Association. This includes companies like eBay, MasterCard, PayPal, Spotify, Uber, Visa, and Vodafone. Facebook will hold a leadership role, but the partners will all help with the financial backing to help grow the new cryptocurrency.
Once it comes out, people will be able to use a Libra app, Facebook Messenger, or WhatsApp to access the currency. People will need to use Calibra in order to receive and send Libra. They will need a smartphone or mobile device in order to complete the financial transactions. Plans are to have it use smartphone banking transactions through a one-tap payment system that sends funds to another Calibra user or send funds from another user to your own wallet.
Casinos who sign up and have Calibra set up should be able to send and receive money just like you will. You'll see casinos that take Bitcoin lining up to be the first to also take Libra. This will make it easy for players to deposit and cash out casino winnings using Libra.
One of Facebook's goals is to make Libra simple to use. Players who have been uncertain about Bitcoin are more likely to embrace this new cryptocurrency as it is going to work with apps they're already used to using – Facebook and WhatsApp. For this reason, casinos believe that Libra will overtake Bitcoin as the most popular cryptocurrency.
Looking at mock-ups of the user interface Calibra and Libra plan to use, it's going to be extremely simple. Players will have a wallet with just two main buttons: “Request” and “Send.” The balance shows up in the center of the screen and has a digital pad to enter amounts. Click “request” to withdraw funds from your casino account or “send” to make a deposit. Choose the recipient, enter the amount, and complete the transaction. It will be that easy.
Keep watching for the release of Libra. Once it's officially available, it won't be long before casinos are lining up to be the first to accept Libra cryptocurrency.