Libra will take many years, if not decades, to attract real interest, according to a Calibra executive.
The undergoing stablecoin project won’t spread like social, believes Kevin Weil, vice president of product at Facebook subsidiary Calibra. He said this at the Web Summit in Lisbon Portugal on Tuesday, as repoted by CNBC .
“This is not going to be a thing that spreads like a social network. This is going to be the work not of years but of decades, and it’s worth making,” Weil said.
The Calibra executive further stated the Libra Association and its members remain determined despite the recent key departures, including Visa and MasterCard.
The 21 original members signed a formal charter sometime last month in Geneva, Switzerland. Weil claimed that Libra was only an idea about 18 months ago, but now has 21 members plus many others who want to be involved.
He told Web Summit attendees that users will benefit from more wallets than just Calibra, which Facebook is creating, to select from.
Fears of the social media giant using Calibra for discriminatory or otherwise unsavory purposes were recently raised by U.S. legislators during a congressional hearing on Libra joined by Facebook Chief Executive Mark Zuckerberg.
Weil echoed the CEO’s hearing sentiments, suggesting other wallet options will be available that can still leverage “the accessibility and lower cost brought by the libra ecosystem.”
Private wallets are already in existence. Israeli developer ZenGo unveiled a keyless non-custodial Libra-compatible just two weeks following Facebook’s announcement of the Libra project in June.