Fun

Libra Won’t Spread as Quickly as Facebook, Says Calibra Exec

News Feed - 2019-11-06 03:11:51

Libra will take years – if not decades –  to catch on says a Calibra executive.


The new stablecoin project won’t scale like social media, said Kevin Weil, vice president of product at Facebook subsidiary Calibra at the Web Summit in Lisbon, Portugal on Tuesday. CNBCreported on his talk.


“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 Calibra VP further claimed the Libra Association and its members remain determined regardless of the recent high profile departures, including MasterCard and Visa. The 21 initial members signed a formal charter last month in Geneva, Switzerland. Weil said that Libra was just an idea 18 months ago, but now has 21 members and a “bunch more that are looking to be involved.”


Weil told Web Summit attendees that users will have more wallets than just Calibra, the Libra-specific wallet Facebook is creating, to choose from. Fears of Facebook using Calibra for discriminatory or otherwise unsavory purposes were recently raised by U.S. lawmakers at a congressional hearing on Libra joined by Facebook CEO Mark Zuckerburg.


Weil reiterated Zuckerberg’s hearing statements, saying other wallet options will be available that can still leverage “the accessibility and lower cost brought by the libra ecosystem.”


Indeed, private wallets are already available. Israeli developer ZenGo released a keyless non-custodial Libra-compatible wallet only two weeks after Facebook announced the stablecoin project in June.


Facebook/Libra image via Shutterstock

News Feed

Cardano Skyrockets Over 40% – Funding Rate Suggests Further Upside
Este artículo también está disponible en español. Cardano (ADA) has made a significant move, breaking above the long-standing $0.40 resistance and reaching a key supply l
FBI busts $43M crypto and Las Vegas hospitality Ponzi scheme
Savannah Fortis57 minutes agoFBI busts $43M crypto and Las Vegas hospitality Ponzi schemeThe FBI arrested a New York resident for defrauding investors of at least $43 million in a multi-year Ponzi scheme that included a
PEPE Slips Into Correction: Here Are Key Levels To Watch For A Rebound
Este artículo también está disponible en español. After a strong upward momentum, PEPE is showing signs of fatigue, slipping into a correctional phase, with traders specu
Crypto Analyst Predicts $4 Dogecoin After Exhausted Selling Phase
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Energy Consumption Is Far More Efficient and Greener Than Today’s Banking System
Bitcoin Energy Consumption Is Far More Efficient and Greener Than Today"s Banking System While bitcoin and a variety of digital currencies have swelled in value,
US Court Sentences Cryptocurrency Hedge Fund Founder to 7.5 Years in Prison
US Court Sentences Cryptocurrency Hedge Fund Founder to 7.5 Years in Prison The founder of two cryptocurrency hedge funds in New York, Stefan Qin, has been sentenced to 7.5 years i
Top Video Game Artists Adopt NFTs to Help Ukraine, Collection to Release on Official MetaHistory Museum
Top Video Game Artists Adopt NFTs to Help Ukraine, Collection to Release on Official MetaHistory Museum Since the outbroke of the Russian-Ukrainian war, many celebrities, social ac
Bakkt to Launch Crypto ‘Consumer App’ in First Half of 2020
Bakkt plans to launch a consumer-facing app to help retail customers transact with cryptocurrencies, the company announced Monday. In a blog post, Bakkt chief product officer Mike B
Analyst Who Predicted Bitcoin Price Crash To $89,000 Reveals Where BTC Is Headed Next
Este artículo también está disponible en español. Crypto analyst MadWhalehas revealed where the Bitcoin price could be headed next, having correctly predicted the BTC cra
Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law
Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law The central bank of Iran is gearing up to begin the pilot phase of its digital currency project in the near futu
Helen Partz13 hours agoAtomic Wallet faces lawsuit over $100M crypto hack losses: ReportPlaintiffs in a new class-action suit against the hacked crypto wallet Atomic Wallet say the firm didn’t share any information abo
Gucci to Accept Crypto Payments in Retail Stores
Gucci to Accept Crypto Payments in Retail Stores High-end fashion house Gucci will begin accepting cryptocurrencies at some of its stores this month, including bitcoin, ether, doge