Facebook digital currency that was launched earlier today, Libra, will be governed by the Libra association. However, they also announced a fintech product alongside Libra which they call Calibra.
Calibra is a new digital wallet for a new digital currency that lets you save, send and spend Libra – a new global currency powered by blockchain technology.
Calibra, as we expect to launch in 2020, will be available in Messenger, WhatsApp and also as a standalone app.
With Calibra, you can send money to almost anyone with a smartphone, at a low cost, as easy and instant as you might send a text message.
Topping up account on Calibra platform will be done with US dollars via some of the payment providers working as part of the Libra Association. Users can transfer money using the encrypted Libra network to contacts using any of Facebook suite of apps like WhatsApp, Messenger etc.
To sign up Calibra, government-issued ID will be required and data held on Facebook will, for the most part, be siloed from Facebook account information. The company said that it will offer users “automated systems that will proactively monitor activity” to detect fraud.
According to Facebook, Financial data or account information will not be shared with Facebook or any third party with customer consent.
Facebook promises, if someone fraudulent gains access to your account and as a result, you lose some Libra, they will offer you a refund.