Facebook’s David Marcus clearing up Libra trust issues

David Marcus was clearing up some issues that had been addressed about Facebook and its Libra project.
He said it clear and reassures Facebook will not control the network.

Ken Chigbo Independent Analyst

The head of Calibra at Facebook, David Marcus, recently spoke out that any user of its new cryptocurrency project Libra, will not have to put their trust in Facebook.

Marcus made it clear that Facebook is not the only member of the Libra Network, and that they are relinquishing control of the network.

He noted in the public post:

Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges.

Marcus further added that, while Facebook does not have ownership of the crypto wallet company Calibra as a subsidiary, no financial data will be available to Facebook. Adding that users are free to use a range of custodial and non-custodial wallets from different companies to store and make transactions with Libra.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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