Legacy systems for money transfers are not enough and a new protocol for money is needed, commented Calibra’s head David Marcus in a recent blog posting. Calibra will be the universal wallet once Facebook’s Libra digital coin is given the green light.
Marcus pointed to the problem of legacy bank systems as being too fragmented and expensive to use. In addition to that, crypto wallets have no cross-chain compatibility. Fintech apps also pose problems, as they rely on banking and may also generate an expensive string of transactions for moving funds between wallets.