What is Calibra?

Calibra is the official wallet for the Libra Cryptocurrency. It is developed and managed by Facebook. Calibra also functions as a peer to peer money sending service similar to Venmo.

On the surface, Calibra is a mobile app available for free on iOS & Android. Users can sign in using their Facebook account. However, they would need to verify their identity by sending a picture of their government issued id. Once signed in, they would be able to see their friends who are also using Calibra. They can select a friend and send Libra or request for payment in Libra. Behind the scenes, Calibra provides direct connectivity to Libra payment infrastructure. Calibra stores the users’ money as Libra, facilitate in the transfer & withdrawal of funds in fiat currency.

At the launch of the service, there will probably not be any fees to transfer money between one user to another. Merchants might be able to accept Libra payment without any fees as opposed to traditional credit card transactions. Even Venmo did not have any fees at the launch of their platform. There might be a fee to buy Libra using credit/debit cards because third-party payment processors charge fees. Since MasterCard is one of the founding members of The Libra Association, this fee could be waived as well.

Calibra will be deeply integrated into all of Facebook’s apps, including Messenger, WhatsApp & Facebook app. This will enable Facebook’s 2.3 billion user base to use Libra with a few clicks of a button. While chatting with a friend on WhatsApp, you can send money with few keystrokes. As Libra gets closer to launch, we will learn about the other apps which the wallet will be integrated to.

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