Called Libra, it will be overseen by an independent organization based in Geneva. Facebook says that it helped create the Libra Association as an effort to allay concerns about privacy. As one of the 28 companies that currently make up the association, Facebook will have voting power on Libra matters but will not be more powerful than any other members.
A new subsidiary of Facebook, Calibra, is the digital wallet that will “provide financial services that will enable people to access and participate in the Libra network.” Users will be able to access Calibra through Messenger, WhatsApp and a new standalone smartphone app. At the beginning, users will be able to send and receive Libra currency via their smartphone, although Calibra hopes to eventually expand the functionality to things like paying for fares on public transit.