Facebook reveals its cryptocurrency Libra to the world

In addition to releasing details about the Libra Coin via a white paper and other explainers, Facebook also revealed a software “wallet,” called Calibra, which would be maintained by a non-profit, would store user funds and could provide financial services. On the first point, Marcus said that Facebook is enforcing a strict separation between users’ social data—their Facebook likes, photos, etc—and the financial data that will be available on Libra’s network. Indeed, that’s why Calibra, the wallet software that will hold Libra Coins, was made a subsidiary of Facebook—“to ensure appropriate separation between social and financial data and to build and operate services on its behalf on top of the Libra network,” as the white paper explains.

Source: decrypt.co