Facebook announces Libra coin and Calibra Wallet App in Global Money Pitch
Facebook has announced Libra, its cryptocurrency its says is reinventing money
Sending money will be a simple as sending a message or photo for users of its WhatsApp and Messenger products, Facebook claims.
New Facebook app Calibra
The currencys tight integration with Facebook is underscored by the release of a new Facebook app called Calibra, essentially a wallet app for the Libra coin.
Send money the way you send a message or a photo Facebook announces on the website of its news app.
On the Calibra website the blurb reads: 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.
Facebook privacy issues?
Facebook uses the word ‘private’ when talking about its new money, but that could be a barrier to adoption.
Account set up, as expected, is verified with a government-issued ID.
Its not clear from first glance at the Calibra website the size of the fees on transactions, but they are described as low.
Calibra transaction fees
In the Calibra FAQ it says: Transaction fees will be low-cost and transparent, especially if you’re sending money internationally. Calibra will cut fees to help people keep more of their money.
Calibra is still under development but you can sign up for early access.
The app is standalone but also built into WhatsApp and Messenger.
Calibra aims to tbe global money and Facebook is working to bring Calibra to as many countries as possible.
Calibra is described as s subsidiary of Facebook but at the same time operates independently from Facebook.
Libra is backed by fiat and other assets.
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