Calibra, the new company (and app) of Facebook that will manage its virtual currency. For its virtual currency, called Libra, Facebook has decided to create an independent subsidiary that will take over the entire management of digital payment services based on cryptocurrency. It will be called Calibra.
For its virtual currency, called Libra, Facebook has decided to create an independent subsidiary that will take over the entire management of digital payment services based on cryptocurrency officially presented by Mark Zuckerberg on his official profile. A predictable choice, which aims to give a semblance of separation between the social network and a system of payments which, given the recent privacy scandals, it is right that it remains detached – at least in the collective imagination – from the creature of Zuckerberg. Libra will arrive in 2020.
Calibra and the App for Libra
As explained by the founder of Facebook, “Calibra will be regulated like any other payment provider” and “any information you will share with Calibra will be kept separate from the information shared on Facebook”. The new company will have the task of creating a virtual portfolio in which to store the Facebook cryptocurrency, a portfolio that will materialize in an application separate from the current products of the Menlo Park giant but which will allow payments to be made on Messenger and WhatsApp. Through this infrastructure, users will then be able to send Libra to anyone with a smartphone at no additional cost.
Libra: “Privacy and security”
“Over time, we hope to be able to offer more services to people and businesses, like paying bills with a tap, buying coffee by scanning a code or using public transport without carrying a ticket,” reads Zuckerberg’s note on his profile. “In addition, other companies will build their Libra-based services, from Mastercard to PayPal, via Booking, eBay and Spotify.” At the base of everything, according to the founder of Facebook, there are privacy and security. Zuckerberg explains Calibra, will have a team of risk management experts dedicated to preventing the use of the service for fraudulent purposes. “We will offer protection against scams, so if you lose your Libra (money) we will offer you a refund,” Zuckerberg explained.