Facebook has announced its plans to launch a digital wallet called Calibra for its Libra cryptocurrency.

To help launch their cryptocurrency, Facebook is creating a new division called Calibra that will be able to “provide financial services that will let people access and participate in the Libra network.”

In a blog post, Facebook says “half of the adults in the world don’t have an active bank account and those numbers are worse in developing countries and even worse for women. The cost of that exclusion is high — approximately 70% of small businesses in developing countries lack access to credit and $25 billion is lost by migrants every year through remittance fees.”

The company is hoping that Calibra can help address challenges in developing countries.

Facebook’s Head of Calibra, David Marcus says, “Libra holds the potential to provide billions of people around the world with access to a more inclusive,
more open financial ecosystem. We look forward to participating in the Libra network as a Founding Member, as well as through providing our community with access to Libra through Calibra. We know the
journey is just beginning, but together we can achieve Libra’s mission to create a simple global currency and financial infrastructure that will empower billions of people.”

The Calibra digital wallet will work across Messenger, WhatsApp and also via the standalone app.

Facebook is working with a number of companies to help access payments via Calibra including Mastercard, PayPal, Stripe, Visa, eBay, Lyft, Spotify, Uber and more.

The Calibra app will use the same verification and anti-fraud processes as banks and credit cards and they’ll be an automated system to monitor activity and detect and prevent fraudulent behavior.

The app will let users send Libra to almost anyone (with a smartphone) and is as easy as sending a text message and at low to no cost.

Calibra is set to launch sometime in 2020. You can sign-up to be notified when Calibra will officially launch.

Source: Facebook

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