Executive Briefing

Facebook’s new bank and currency: The big picture and some big questions

Also: The most interesting thing I learned at Cannes Lions.

Calibra / Screenshot

The big story this week was Facebook’s long-awaited unveiling of a new global, internet-native currency, Libra, and the news that it’s launching its own banking subsidiary, Calibra, to support it.

Since the announcement was Tuesday, I won’t spend much time summarizing, but in short: Facebook has put together a group of leading organizations in finance and technology — including Visa, Mastercard, PayPal, Spotify, Uber, Andreessen Horowitz, etc. — to collaborate on Libra, what’s intended to be an accessible, mainstream, fast, stable cryptocurrency, open for anyone to build services and applications around, from mobile payments and e-commerce to more elaborate financial offerings like lending.

The New Consumer Executive Briefing is exclusive to members — join now to unlock this post. Subscribers should sign in here to continue reading.

Dan Frommer

Hi, I’m Dan Frommer and this is The New Consumer, a publication about how and why people spend their time and money.

I’m a longtime tech and business journalist, and I’m excited to focus my attention on how technology continues to profoundly change how things are created, experienced, bought, and sold. The New Consumer is supported entirely by your membership — join now to receive my reporting, analysis, and commentary directly in your inbox, via my twice-weekly, member-exclusive Executive Briefing. Thanks in advance.

Subscribe and Unlock