Facebook May Become A Primary Financial Service Provider With Their New Crypto And Digital Wallet

Many cryptocurrency users have attested that digital currency has helped them achieve financial freedom. And for some, with the help of crypto calls, have been receiving real time layout as to when is the best time and at what price it is to buy and /or sell crypto assets at the same time ensuring that loss is at minimum in the event that a trade doesn’t go as planned.

Bitcoin is the most prevalent cryptocurrency worldwide. In 2017, it got hold of its record high of almost $20,000. Bitcoin has then gone through continued losses. At the beginning of 2019, it was trading at around $4,000. Despite this, many still continue to invest in cryptocurrency because of the many benefits and potentials it offers.

Since cryptocurrencies have so much to offer, many companies have created their own digital currency as well. Although many has already introduced their crypto coin, Facebook’s Libra seem to have caught the attention of many officials of the government.

Facebook’s New Crypto 

Facebook has publicized its project to release Libra, its new cryptocurrency, in 2020.  According to an interview by Stratechery with Kevin Weil, Calibra VP of Product, if Facebook’s new crypto as well as its digital wallet would have a solid kickoff, it may possibly empower and enable Facebook to, in the future, present more financial services.

The Calibra VP of Product hinted that the launch of Calibra can prepare the platform for Facebook to provide financial services such as credit, and can boost traffic on the business engines of Facebook, such as Marketplace as well as checkout. Facebook then believes that their new crypto is its way to become a giant for financial services, and it might aim at consumers who are underserved to attain those zeniths.

A Possible Leading Financial Service Provider

Facebook already has very wide-ranging reach; therefore Calibra can also have an expansive reach through the network of Facebook. This includes consumers left out from the usual financial services. Facebook has over 38 billion active users every month. This gives Calibra an enormous audience that could hasten its acceptance and adoption as soon as it is launched. Moreover, with 2.7 billion monthly users of Facebook, Instagram, Messenger, and/or WhatsApp, it has numerous possibilities to grasp its massive base of users. Its reach can aid Facebook aim at patrons who are unbanked as well as underbanked given the ultimate accessibility of Calibra to patrons with lower-end phones.

If Calibra would be openly accepted and adopted by users of Facebook’s network of platforms, it’ll gain the opening to put in other financial services for a user base who are now engaged. Furthermore, if it effectively targets patrons who are underserved, offering could be modified according to their needs in an attempt to be their primary provider of financial services.