This week, David Marcus, CEO of Facebook subsidiary Calibra is to appear before Congress. On Tuesday he will respond to the U.S. Senate Committee on Banking, Housing and Urban Affairs. And on Wednesday he will appear at the Financial Services Committee of the House of Representatives. His
Senate testimony was published today. He talks both about the
Libra Association which oversees the cryptocurrency and also Calibra, Facebook’s subsidiary, which will run the Calibra wallet.
The executive states the immediate benefit to Facebook will be to enable Facebook’s 90 million SME businesses to transact more directly with Facebook users. That’s rather than leveraging their financial data.
Marcus starts out focusing on Libra’s purpose. “We believe that Libra can make real progress toward building a more inclusive financial infrastructure. The journey to get there will be a long one, and we recognize that ours has just begun,” Marcus will state. He returns to the “why” more than once.
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