Facebook Finally Announces Libra Coin And Calibra Wallet App
Facebook has finally announced its much-awaited so-called game changer, the Libra coin.
Facebook to reinvent money
The giant social media platform says that this will be reinventing money.
They claim that sending money will become as simple as sending a message or a photo for Facebook Messenger and WhatsApp users.
Calibra, the new Facebook app
The currency’s integration with Facebook is reportedly underscored by the released of a new Facebook app that’s called Calibra. This is mainly a wallet app for the Libra crypto.
“Send money the way you send a message or a photo” Facebook announces on the website of its news app.
With the help of Calibra, users will be able to “Save, send and spend your money, all in the Calibra app. Top up your phone or pay bills. Your transactions will be private and secure.”
Yoni Assia Co-Founder and CEO of eToro, said the following about this piece of news:
“Back in 2017 in his Harvard commencement speech, Mark Zuckerberg talked about the need for people to have access to money in order to pursue their purpose. With 2 billion users, Facebook has the potential to create one of the largest financial platforms in the world.”
He continued and explained that “Crypto adoption is about more than money. It’s about global and local politics and the separation of state and money. It can be a powerful tool – hopefully for good. Facebook’s Libra could mean greater financial inclusion and greater access to the digital economy.”
Libra will use a new coding language called Move. We suggest that you head over to the whitepaper and read it because it’s quite interesting.
Libra will be backed by fiat and crypto.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.