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. Please Login to read the full report. Not a member? Register for a free user account. This document was generated for Other research you may be interested in: E-Commerce Outlook: European Apparel and Footwear—Poised for Growth in 2023 and BeyondNovember 2023 US Retail Traffic and In-Store Metrics: Black Friday Boosts Traffic and SalesUS Grocery Retailing—Exploring Growth, Inflation, Competition, Trends and Strategies: Highlights from the Market Navigator2023 US Tax Tracker #4: Post-Tax-Day Wrap-Up—IRS Issues $237 Billion in Refunds, Coresight Research Survey Reveals Consumers’ Plans for Tax Refunds