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Facebook Announces Calibra Digital Wallet

It is the social media giant’s first foray to cryptocurrency

Facebook marks its entry to digital wallet and cryptocurrency with Calibra and Libra. The former is the social media giant’s digital wallet platform while the latter is its digital currency.

Calibra aims to be both a separate app and an added feature for Messenger and WhatsApp. Its main role is for users to send Libra currency to one another, while future functions include bills payment, QR payments, and public transport payments.

As a digital wallet, Facebook incorporated several security features to Calibra that include verification and anti-fraud processes for banks and credit cards, monitored activities for unusual behavior, and live support in case you run into problems.

Facebook promises that privacy is Calibra’s top priority, and assures that it will not share account information or financial data without consent. This means that one’s personal info with Calibra will not be used for ad targeting.

Calibra is expected to launch in 2020.


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