Flash Report 2 minutesRegister for Free AccessFacebook Announces its New Digital Cryptocurrency: the Libra Coresight Research June 24, 2019 Executive SummaryOn June 18, 2019, Facebook launched a new subsidiary named Calibra, whose first project is a digital wallet for a new global currency called Libra that is powered by blockchain technology but backed by real assets. The wallet will be available in Messenger, WhatsApp and as a standalone app. Its launch is expected in 2020. One of the motivations for Libra is that nearly half the adults in the world lack an active bank account – particularly in developing countries – and migrants spend $25 billion annually on remittance fees. Calibra promises the ability to send payments to nearly anyone or pay bills with a smartphone as easily as sending a text message at little or no cost. The platform also promises to offer strong security protections using the same verification and anti-fraud processes that banks and credit cards use, in addition to automated systems that will proactively monitor activity to detect and prevent fraudulent behavior, as well as protect user privacy. Facebook has signed up 27 companies to back the new cryptocurrency, including Visa, Mastercard, PayPal and Uber. Coresight’s take: The concept sounds intriguing and has received important validation from major financial institutions; however, Libra’s arrival remains “a long way from launch” according to COO Sheryl Sandberg, and Calibra faces regulator concerns as well as a skeptical public following consumer privacy concerns following the prior misuse of the company’s data. Already a subscriber? Log in You are currently viewing a preview of this report. Please select an access option to view the full report. Hide Options - Show Options + Get unlimited access to all our research with one of our subscription plans. View Subscription Plans or Contact us to purchase this report. Contact us ✕ This document was generated for Other research you may be interested in: Innovator Profile: Syrup Tech Uses AI To Optimize Omnichannel Inventory ManagementResponses to Inflation—Fewer Shoppers Are Buying Less: US Consumer Survey InsightsUS CPG—Consumer Health: Understanding a Category Marked by Spin-OffsNew Challenges and Opportunities in Luxury—Insights Presented at Shoptalk 2023