Facebook has announced new subsidiary Calibra will introduce a digital wallet for the planned digital currency Libra, which will be available in 2020.
Through Calibra, Facebook has announced its users will be able to save, send and spend Libra using Facebook Messenger, WhatsApp or the standalone app through its use of blockchain technology. According to Facebook, 1.7 billion people around the world - 31% of the global adult population - remain unbanked, which suggests there is a large market for a scalable digital currency. So far 28 groups have announced they will become backers of Libra and each founding partner will be expected to contribute a minimum of $10m to kick-start the project, according to the Financial Times. Other...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
