Jane King interviews Venture Capital Investor Nisa Amoils, Bill Xing, the CEO of Panda Analytics, & Joyce Lai, an Attorney for Consensys at the Nasdaq Market Site. Segment from TV Show 'Innovators with Jane King'.
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A New Digital Wallet for a New Digital Currency
Today we’re sharing plans for 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 we expect to launch in 2020.
If you have an internet connection today, you can access all kinds of useful services for little to no cost — whether you’re trying to keep in touch with family and friends, learn new things or even start a business. But when it comes to saving, sending and spending money, it’s not that simple.
For many people around the world, even basic financial services are still out of reach: almost half of the adults in the world don’t have an active bank account and those numbers are worse in developing countries and even worse for women. The cost of that exclusion is high — approximately 70% of small businesses in developing countries lack access to credit and $25 billion is lost by migrants every year through remittance fees.
This is the challenge we’re hoping to address with Calibra, a new digital wallet that you’ll be able to use to save, send and spend Libra.
From the beginning, Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost. And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass.