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Facebook’s new digital wallet for a new digital currency

Facebook has announced the launch of its subsidiary Calibra, which aims to provide people with access to Facebook’s new global blockchain-powered currency Libra. Calibra will be introducing its first product, i.e., a digital wallet for Libra which is expected to be available in Messenger, WhatsApp and is to be launched in 2020.

According to Facebook, Calibra will allow its consumers to send Libra to anyone owning a smartphone, with no additional cost. It is expected to provide additional services such as bill payments, transport fares etc. Calibra will comprise of the necessary verification and anti-fraud processes and its customer information will not be utilized to improve Facebook’s products.

The cryptocurrency, Libra, has been developed with an aim to enable a simplified global currency and financial infrastructure, develop a ubiquitous payment method with zero payment fees as well as a currency that is more flexible and accessible.

Facebook has charted out the plans for Libra, its ‘new decentralized blockchain, a low-volatility cryptocurrency, and a smart contract platform that together aim to create a new opportunity for responsible financial services innovation’, in a new whitepaper.

Libra is backed by the Libra Association with members including Visa, Uber and Andreessen Horowitz, with each investing at least $10 million into the project’s operation.

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