Facebook s Calibra is a secret weapon for monetizing its new cryptocurrency – The Verge

Facebook s announcement this morning of a new cryptocurrency, Libra, and the nonprofit association that will oversee it raises questions about the future of global banking and Facebook s role in it. But behind Facebook s ambitions to create a quasi-nation state ruled by mostly corporate interests is a secret weapon, one the company hopes it can use to create another platform used by billions of people and generate enormous new revenue streams along the way.

It s called Calibra, and it s a new subsidiary of Facebook the company is launching to build financial services and software on top of the Libra blockchain. At first blush, Calibra resembles a fairly standard payments company but its tight integration with Facebook s enormous user base could give it a significant advantage over any rivals. Thanks to its proximity to the technical development of Libra, and its ability to leverage WhatsApp, Messenger, and Instagram, Calibra could very well become Facebook s next big thing.

via www.theverge.com

ICYMI.