This is Calibra, the virtual wallet of Facebook for its cryptocurrency Libra
Goodbye to the speculations and the rumors that signaled the next release of the cryptocurrency of Facebook. The virtual currency of Mark Zuckerberg, which is called Libra, is now a reality and can be used officially in 2020 to make payments on the Internet, not only on Facebook, Instagram, WhatsApp and other properties of the conglomerate but also on any page Web.
This is indicated in the Libra White Paper, which has already been launched by Facebook, along with a web page that contains all the information regarding Libra, the new cryptocurrency.
Although its official launch will be in 2020, the publication of this dossier clears many questions about how the cryptocurrency will work. At the moment, it is known that the company has 27 collaborating partners, among which is American Coinbase, the second most important cryptocurrency portfolio in the world.
In principle, Pounds can be purchased in any cryptocurrency house and will be used both for making small purchases and payments in Facebook applications (it is expected first in WhatsApp and Facebook Messenger, and later in Instagram) and in other applications that accept the service.
Among others, Uber, Spotify, Mastercard or AirBnB have already shown interest in being part of the Libra ecosystem, which would facilitate the acquisition of products and services. Agreements could also be established with financial and banking entities so that they could “take out” Libras at ATMs, or that these could be accepted as a means of payment in physical stores, not only on the Internet.
At the moment the value that Libra will have is unknown, although it will be indexed to a basket of currencies, which will guarantee that it is not as volatile as other cryptocurrencies. It will not be controlled directly by Facebook or its 27 collaborating partners, but by the “Fundacion Libra”, based in Switzerland, and which has been created specifically for that purpose.
Calibra, Facebook’s digital wallet
Also in 2020 will arrive Calibra, the new subsidiary of Facebook that will provide financial services so that people can access and use Libra, the new digital currency.
The first product of Calibra will be a digital portfolio that will be available in Facebook Messenger, in WhatsApp, and as a stand-alone application.
Through Calibra, you can transfer the Libra currency to any person who has a smartphone, in a simple way, just by sending a text message, and without any cost. Something similar to what services such as Bizum or Twyp currently do.
In the future, Facebook expects to offer additional services for both individuals and companies, which will allow you to pay bills at the touch of a button, send payments between users, buy a cup of coffee by scanning a code or travel on local public transport without having to carry cash or a pass for the subway.
To guarantee the safety of users, Calibra will have automated anti-fraud systems that will monitor the user’s activity to prevent any fraudulent behavior. Likewise, it will protect the privacy of the user, but with reluctance.
“Beyond specific and limited cases, Calibra will not share account information or financial data with Facebook Inc. or any other third party without the client’s consent. The information on the accounts and financial data of Calibra customers will not be used to improve the segmentation of advertisements in the Facebook Inc. product family”, a Facebook representative told Tech Stalking.
The limited cases in which this information could be shared will respond to issues of personal safety, compliance with the law and the need to provide basic functionality to those who use Calibra, as recognized by Facebook.