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Briefing
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- New Subsidiary – Facebook posted on June 18, 2019 plans to form a new subsidiary called Calibra, whose goal is to provide financial services for Libra cryptocurrency network
- Cryptocurrency Wallet – Calibra will introduce digital wallet for Libra which will be available on WhatsApp and Messenger apps, as well as its own standalone app, by 2020, that will let users save, send and spend the cryptocurrency
- Libra Background – Libra is a global low-volatility cryptocurrency backed by a reserve, that will exist in its own blockchain, with faster and cheaper transactions, and accessible even to basic smartphones with data connectivity
- Other Services – Sending Libra could be as easy as sending text message, with more services planned, such as paying bills, buying coffee with code scan, and riding public transportation without carrying cash or metro pass
- Security – Facebook said it will use same verification and anti-fraud processes akin to banks and credit cards, as well as automated activity monitoring, fraud prevention, live customer support in case of loss of phone or password, and refunds in cases when someone fraudulently accesses a user’s account and loses Libra as a result
- Limited Data Sharing – Except for limited cases, account information or financial data will not be shared with Facebook or third parties without user consent, which means such data will not be used for ad targeting in Facebook products
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