It's hard to see anything revolutionary about Facebook's Libra

They've removed the primary aspect of cryptocurrencies that made them innovative

The Facebook logo.
(Image credit: Illustrated | Facebook, Anna Zasimova/iStock, javarman3/iStock)

Facebook has its own cryptocurrency now. But why, exactly? What's it for?

Officially unveiled on Tuesday, the new digital currency, called Libra, will go live in 2020. Facebook already has 27 partners in the venture, including corporate heavy hitters like Visa, Mastercard, PayPal, eBay, Uber, and Lyft, plus some venture capital firms and nonprofits. They hope to have 100 partners or more by the launch.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.