The key points from Facebook's Libra Senate hearing

The key points from Facebook's Libra Senate hearing. Facebook’s head of Calibra, David Marcus, told the Senate Banking Committee that Facebook will build its own cryptocurrency wallet into WhatsApp and Messenger but will refuse to embed competing wallets - giving Facebook a sizable advantage over its cryptocurrency and wallet competitors. Calibra will be interoperable, so users can send money back and forth with other wallets, and users can port their data over completely to another wallet. The Libra Association is based in Switzerland because that’s where international banking groups locate but it will be regulated by the US Department of the Treasury. Facebook’s core business model for Libra is that more commerce via Libra will cause more businesses to spend more on Facebook ads. Tech Crunch