A Calibra exec said Libra, the Facebook-led crypto project, will take many years to flourish. Kevin Weil, Vice President of Product at Facebook’s Calibra digital wallet unit, said the new stable coin initiative will not catch on as quickly as social media.
CNBC reported on his talk at the Web Summit in Lisbon, Portugal on Tuesday, where Weil stated, “This is not going to be a thing that spreads like a social network. This is going to be the work not of years but of decades, and it’s worth making.”
The 21 members of the Libra Association signed an official charter in October. According to Weil, Libra was planned one and a half years ago and presently already has 21 members. He said a few more members are looking forward to being a part of Libra.
Mark Zuckerburg, Facebook’s CEO, attended a recent hearing on Libra. There, US legislators raised doubts about social media using Calibra for unfair reasons.
Weil restated what Zuckerberg had told in the Libra hearing. He said there will be the availability of other wallet units that can leverage “the accessibility and lower cost brought by the libra ecosystem.”
Customers can now choose from more wallets than just Calibra. In June, ZenGo, an Israeli developer, launched a Libra-compatible private wallet after Facebook revealed its cryptocurrency project.