New Libra currency can expand Facebook's advertising platform

Kevin Weil, vice president of Product at Calibra, said that if Facebook’s new digital wallet Calibra becomes widely successful, the company will be able to give more financial services in the coming future.

Kevin Weil said in an interview to Stratechery that if Facebook becomes successful at presenting a wallet that enables users to store money and send to anyone at any part of the world, then after some time we may be able to produce more financial services.

Earlier this month, the tech giant announced that it would design Calibra, which will enable the users to save and transfer the currency using Facebook application.

The news came with the launch of Libra, a new currency which is based on blockchain, that social network is launching with a nonprofit association backed by different organizations and companies.

Calibra can help Facebook in expanding in the market as it will allow users to buy through Facebook’s application by features like Instagram Checkout and Facebook Marketplace.

He said that businesses would reach more customers with the use of Facebook advertising.

Kevin Weil said that there are infinite businesses that would love to connect with customers with the use of Facebook advertising, but since they operate in cash, they have no other way.

Therefore, this can increase Facebook’s advertising business as more and more brands will be able to spend on ads cheaply and efficiently.

Photo: Justin Sullivan / Getty Images

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