Facebook plans to form an official subsidiary named Calibra, which will create a digital wallet for Libra, Facebook's stablecoin cryptocurrency. The Calibra wallet will be available in messenger, WhatsApp and as a standalone app. The social media giant expects Libra and Calibra to launch in 2020, according to a press release.
With the wallet, users will be able to send money, buy items or pay bills with Libra. Facebook believes this tool will help serve the underbanked.
"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," according to the release. "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."