Calibra
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Facebook's cryptocurrency project rebrands as Diem
The name change anticipates a launch in 2021.
Facebook releases Zuckerberg’s upcoming testimony in defense of Libra
Tomorrow, Facebook CEO Mark Zuckerberg will appear before the Financial Services Committee, where he's expected to be grilled about Facebook's planned cryptocurrency Libra and digital wallet Calibra. Ahead of tomorrow's inquisition, Facebook has shared Zuckerberg's prepared statement. In it, Zuckerberg admits that Facebook is "not the ideal messenger right now" and promises that Facebook will not move forward with Libra anywhere in the world until US regulators approve.
Facebook's Libra loses one more member as its council becomes official
Facebook couldn't avoid losing another Libra Association member before it formalized the cryptocurrency's council. Booking Holding, the company behind Booking.com, Kayak and Priceline, has withdrawn from the Libra Association just before the organization's members signed the council charter, elected its Board of Directors and appointed executive team members. The move leaves 21 initial members, including Facebook's own Calibra wallet as well as Lyft, Uber, Spotify and telecoms like Iliad and Vodafone.
Mobile banking firm sues Facebook over Calibra's logo
Facebook's Libra project has yet another issue to deal with: a mobile banking app has sued the social network's Calibra subsidiary over their very similar logos. The tech giant introduced Calibra as the division that will oversee its cryptocurrency plans, including the development of a digital wallet. According to the lawsuit filed by a mobile banking company called Current, Calibra's logo "is not only confusingly similar to, but virtually identical to the Current Marks."
eBay, Visa and Mastercard pull out of Facebook's Libra cryptocurrency
Stripe and eBay have followed PayPal in backing out of Facebook's cryptocurrency, Libra. They confirmed to the Financial Times that they would pull their support, while Mastercard and Visa have also dropped out.
Congress will grill Mark Zuckerberg over Libra October 23rd
Mark Zuckerberg will be under the spotlight of regulators once again when Facebook's CEO testifies before the Financial Services Committee this month. The congressional panel is set to grill him October 23rd over Facebook's planned cryptocurrency Libra and digital wallet Calibra.
Facebook's Libra cryptocurrency loses backing from PayPal
A few days after the Wall Street Journal suggested that some companies announced as initial backers for Facebook's cyptocurrency were reconsidering support, PayPal has announced it will end its participation in the Libra Association. Founding members invest $10 million to fund the association, and as CNBC notes, it's unclear what happens to that money if participants pull out of the agreement. PayPal: PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations. We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities. There's no word from other high-profile backers like Mastercard and Visa, while Facebook exec -- and former president of PayPal -- David Marcus previously tweeted that the "official 1st wave of Libra Association members will be formalized in the weeks to come." Meanwhile, lawmakers are pressing for CEO Mark Zuckerberg to testify about the matter. We'll see who remains a backer -- the initial list of 28 names can be seen below -- by then. Mastercard, PayPal, PayU (Naspers' fintech arm), Stripe, Visa, Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc., Iliad, Vodafone Group, Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Creative Destruction Lab, Kiva,Mercy Corps, Women's World Banking.
WSJ: Visa, Mastercard are reconsidering support for Facebook Libra
It has been a few months since Facebook officially announced its "Libra" cryptocurrency push with support from some big names including Visa and Mastercard. Since then we've heard little about it other than increasing scrutiny from regulators, bankers and politicians around the world, while those partners have mostly remained quiet. The Wall Street Journal reports today that executives from unnamed partner companies have refused to support Libra publicly, despite requests from Facebook for them to do so. It claims, based on anonymous sources, that Visa, Mastercard and others are now reconsidering their involvement altogether. This all comes out as members of the Libra Association are preparing to meet in Washington D.C. on Thursday, so we'll likely find out soon if they pull together or split apart.
US, UK regulators ask Facebook how Libra will protect personal data (updated)
Facebook knew its Libra cryptocurrency would face a regulatory gauntlet, but it might not have expected a united front. Regulators from the US, UK, EU and four other governments have asked Facebook to answer several questions about how it will protect user data. The social network has "not met [regulators'] expectations" of privacy in the past, officials said in a joint statement, and there should be assurances that Libra will do better.
Facebook is already awash with fraudulent ads about its own cryptocurrency
Facebook revealed its cryptocurrency plans just a month ago, and already it's the subject of a wave of fraudulent ads. As The Washington Post reports, around a dozen fake accounts, pages and groups have appeared on Facebook and Instagram, presenting themselves as official hubs for Facebook's not-yet-available Libra currency.
Lawmakers want to block tech giants from offering digital currency
It's been one month since Facebook (and its partners) announced plans to launch Libra cryptocurrency. Already, US lawmakers are calling for Facebook to pause those plans. Now, some legislators want the company to stop altogether. According to Reuters, the Democratic majority of the House Financial Services Committee drafted legislation that would prevent big tech companies from functioning as financial institutions or issuing digital currencies.
Facebook won't make Libra available until regulators are happy
Facebook is determined to reassure officials that its Libra cryptocurrency is above-board. As part of prepared testimony for a July 16th Senate hearing, Calibra head David Marcus has stressed that the social network won't offer the virtual money until it has "fully addressed" regulators' concerns and received approval. He also reiterated privacy promises. The Libra Association won't keep personal data beyond basic transaction info, Marcus said, and Facebook won't share Calibra wallet info with the rest of the company.
Senate panel schedules a hearing on Facebook's cryptocurrency
It didn't even take 48 hours after Facebook announced its cryptocurrency scheme for the government to raise an eyebrow. House Financial Services Committee Chairwoman Maxine Waters called for Facebook to halt development, and now the Senate Committee on Banking, Housing and Urban Affairs has scheduled a hearing to cover both Libra/Calibra and privacy issues. The committee did not list the names of witnesses it plans to call, but Reuters reports that Facebook's blockchain exec David Marcus is expected to testify. Will it be a worthwhile exercise that reveals more information about the plan and digs up useful information about how Facebook will manage the information generated or will it be another embarassing episode of political grandstanding? We'll find out on July 16th at 10 AM ET.
Facebook's Calibra cryptocurrency wallet launches in 2020
After months of rumors and speculation, Facebook is finally making its cryptocurrency efforts official. This is Calibra, a digital wallet that will use a new cryptocurrency called Libra. Calibra, which is now a subsidiary of Facebook, is designed to "provide financial services that will enable people to access and participate in the Libra network," a blockchain technology developed by Facebook that's getting support from MasterCard, Visa, PayPal, eBay, Uber, Lyft and Spotify, among others. Facebook says it plans to launch Calibra in 2020, and the service will be available in Messenger and WhatsApp, as well as in a standalone app.
