According to Facebook’s Calibra VP, Kevin Weil, Facebook’s led crypto project, Libra is set to operate like an email but not like PayPal, Cointelegraph reports.
Weil was giving a speech during the Web Summit held in Lisbon, Portugal where he emphasized that the crucial aspect in Libra will be interoperability, which is at the central of email operations.
While encouraging the global community to collaborate, Well said,
“You and me don’t have to collaborate on which email provider we are going to use before we send each other an email. We don’t have to choose which browser we are going to use tailored to which individual website you’re going to go to. These things are protocols, and as long as you build to the protocol everything’s interoperable. Libra is the same way.”
Asked when the cryptocurrency will be launched, Weil stated that he was not sure but insisted that it will not take long. He also explained that the crypto platform will be different from Facebook’s data center and will not be viral like other social platforms.
The statement by Weil comes just days after Calibra’s head David Marcus clarified that firms which are not part of the Libra Association will be able to provide services using the platform. Marcus explained that even firms like Visa and Mastercard which have opted out of the Libra Association will still have the capacity to give out cards for use in Libra platform.
During his speech, Weil explained that it would have been prudent to introduce Libra three years ago to benefit from the greatest crypto bull run in history so far. The VP said that Libra would have benefited immensely when Bitcoin hit its all-time high value of close to $20,000. He, however, stated that this was the right time to launch the cryptocurrency. Weil also told the audience that he was slow to believe in cryptos but became an avid Bitcoin worshipper in 2015.
Libra has elicited mixed reactions from policymakers around the world with some voicing their fears over data privacy and it is now uncertain when the crypto will be launched.