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Facebook is planning to launch a cryptocurrency it hopes will “transform the global economy.” The currency, named Libra, is being developed by Facebook, but the company intends to share control with a consortium of organizations, including venture capital firms, credit card companies, and other tech giants.

At launch, you’ll be able to send Libra inside of Facebook Messenger and WhatsApp, with it mostly being meant as an intermediary for transferring traditional currencies. Eventually, Facebook hopes Libra will be accepted as a form of payment, and other financial services will be built on top of its blockchain-based network.

Facebook is also launching a subsidiary company, Calibra, which will develop products and services based around…

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