Facebook reveals its cryptocurrency Libra

In addition to releasing details about the Libra via a white paper and other explainers, Facebook revealed that its involvement would be handled through a software “wallet” subsidiary called Calibra, which will store user funds and act as an initial on-ramp to the Libra cryptocurrency. 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 Libras, 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