Social media platform, Facebook is often viewed as a revolutionary application as it went viral soon after its launch. The platform’s cryptocurrency project, Libra seems to be garnering the attention of several policymakers, however, for all the wrong reasons. Recently speaking at the Web Summit technology conference, Vice President of Product at Facebook’s Calibra unit, Kevin Weil expressed his stance on the yet-to-be-launched project.
Weil believes that Facebook’s Libra wouldn’t go viral like a social media platform. He said,
“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.”
While several initial supporters of Libra like PayPal, MasterCard, and Visa withdrew from the project following regulatory pressure, Weil went on to be assertive about the 21 organizations retained in the project. He also hinted that several other firms were considering being a part of the project.
Regulators have been veering Facebook off the financial sector citing the social media giant’s track record. Several execs from Facebook, including Mark Zuckerberg himself, have been trying to persuade regulators to consider the Libra project. However, Weil went on to say that it’s alright if certain people aren’t comfortable using a financial product built by Facebook. He added,
“You don’t have to use a Facebook product ever to get the greater value of the accessibility and lower cost brought by the Libra ecosystem.”
While revealing that Libra could be incorporated into wallets offered by other companies, Weil pointed out that through Calibra, Facebook would be making a business from Libra by employing its native wallet.
Soon after Facebook announced the launch of Libra, several have speculated that Facebook might gain financial leadership through its latest crypto platform.