Libra is a digital currency that was announced by Facebook. This acts as a platform for billion of user globally to make financial transaction. It’s a platform used for trading with encrypted technology of bitcoin and other cryptocurrencies. Libra means the basic measurement of weight in Roman. Collectively the companies are termed as libra association. As like dollar and euro, libra works as stablecoin.
This association was described as an independent nonprofit organization, based in Switzerland. These functions are to validate transactions on libra block chains and to manage and allocate funds to social causes. Within libra, there is a group which acts as a governing body called libra association council. This works on policy and operating decision. The founder of libra association includes tech companies such as eBay, PayPal, uber and much more. There are some financial and capital firms involved as like visa and master card.
Facebook will launch calibra, the libra digital wallet. This helps the user to send money to each other. Although it has many investors, the transaction can be done only through calibra. There are some anti fraud processes which is used by banks for credit card and banking verifications are followed here. There are automated systems that will monitor every activity and transactions proactively to prevent from fraudulent behaviors.
There are many options like live support to help users who lost their access to the account. Facebook promises that the caliber customers account information and financial data will be secured. If there is any loss due to insecurity, facbeook will refund the transacted amount to the customer.