Calibra digital wallet: everything you have to know

Colin Baseman

Facebook is releasing its cryptographic coin Libra. This news attracted the attention of blockchain projects investors, as well as regulators from different countries. In the article "What is Libra?" you can learn more about this coin. The assets will be stored on a digital Calibra wallet. Let's get to know it better.

Calibra digital wallet features

The developers intend to integrate the Calibra wallet into various services of the company, including WhatsApp and Messenger. This will make payment for services even easier and more convenient. To buy Libra, the user will have to simply pass the identification in a special application for Android and iOS operating systems. During testing, anyone can install them and try in practice.

Companies that receive payments in the Libra cryptographic currency will pay a small fee. Though there is no such option for users. In the future, the possibility of buying cryptocurrencies will expand significantly. For example, it will be possible to purchase it for cash through special terminals, as well as to use Bank accounts for this purpose.

Kevin Vail, who holds the position of Vice President of product Calibra, said: "the Digital wallet will keep the user's money safe. It will allow you to pay anywhere in the world with minimal fees. This is more profitable than using classical calculations." 

Key benefits of Calibra

The developer declares the following advantages of the service: 

  • Full integration into Facebook, Messenger, WhatsApp and other services.
  • High speed of transactions. They only last a few seconds.
  • Round the clock technical support.
  • The minimum fee for making a payment.
  • Easy to Deposit, send money and make purchases. Operations are as simple as sending messages in messengers.
  • High safety. Facebook goes an extra mile to ensure there is no room for fraud on the platform.  Identity documents are required to register for an account.

Libra is tied to real assets in a 1:1 ratio. These are national currencies, low-risk securities and bank deposits. Such backing of a cryptocurrency increases confidence in the blockchain system. The exchange value of the coin is not tied to the currency of any particular country. Calibra digital wallet will be available in 2020.

The issues associated with Calibra wallet 

What documents do I need to provide to register a digital wallet?

The user needs to provide an identity card, which is issued by a state institution.

Will the wallet use national currencies?

No. The service will work only with Libra coin. It will be the only way to pay for goods and transfer funds. The local currency can only be used to purchase Libra or to withdraw funds from the wallet. The user can always find out the exchange rate. 

Facebook popularity provides a glimpse of how popular Calibra platform can be. The crypto community expects the wallet to take a world by the storm if it lives up to its promises. To date, the social network Facebook registered more than 2 billion users. It is logical that hundreds of thousands of them will not miss the opportunity to get the internal currency and start using it. You may draw conclusions about Libra cryptocurrency convenience and functionality. You may experience it yourself by simply signing up to Calibra wallet.