Earlier this year Facebook revealed that it was working on a new global currency based on blockchain technology, called Libra. Also planned is a cryptocurrency wallet on the same system, called Calibra, which would allow WhatsApp and Facebook Messenger users to make payments to each other using Libra. The system is due to go live next year.
Kevin Weil, the vice president at Facebook’s subsidiary Calibra, has recently talked about the expansion of the main project of the company. According to him, the Libra stablecoin may take years, if not decades, to “catch on”.
“This is not going to be a thing that spreads like a social network. This is going to be the work not of years but of decades, and it’s worth making.” - Weil said.
The expert added that money transfers across the border will become the main application of the payment system. Using Facebook cryptocurrency is more profitable than banking services. Existing ways of transferring money comes with an average fee of 7%.
Weil also claimed that the Libra Association is still determined to be a successful organization, despite losing some important members recently. Since the start of work on the project, 7 partners left the project: PayPal, Visa, Mastercard, Stripe, eBay, Mercado Pago, and Booking.