Facebook has confirmed it is working on Calibra, a newly formed Facebook subsidiary whose goal is to provide financial services that will let people access and participate in the Libra network.
The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology. The wallet will be available in Messenger, WhatsApp and as a standalone app and is expected to launch in 2020.
The idea behind this for Facebook is to let Calibra send Libra to almost anyone with a smartphone, as instantly as you might send a text message and at low to no cost. In time, it hopes to offer additional services for people and businesses, like paying bills with the push of a button without needing to carry cash.
Calibra will apparently have the same protections that a normal bank has and they say they'll have live support teams to offer refunds if the accounts are accessed fraudulently. A lot of high promises
"Aside from limited
cases, Calibra will not share account information or financial data with
Facebook or any third party without customer consent. This means
Calibra customers’ account information and financial data will not be
used to improve ad targeting on the Facebook family of products. The
limited cases where this data may be shared reflect our need to keep
people safe, comply with the law and provide basic functionality to the
people who use Calibra. Calibra will use Facebook data to comply with
the law, secure customers’ accounts, mitigate risk and prevent criminal
Facebook, on multiple ocassions have been caught with their pants down in regards to handling privacy so it's a lot of claims from the company for now, it remains to be seen how effective this new venture will go.