ZenGo's wallet will support Libra, a cryptocurrency Facebook plans to launch in 2020.
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| © Provided by CBS Interactive Inc. Facebook plans to launch a new cryptocurrency called Libra in the first half of 2020. Thomas Trutschel/Getty Images |
Facebook doesn't plan to launch its new Libra cryptocurrency and
a complementary digital wallet until 2020. But that hasn't stopped some
startups from throwing their hats in the ring early.
On Sunday, Israeli developer ZenGo said a cryptocurrency wallet it rolled out earlier this year will begin supporting Libra. Since Facebook and its 27 partners haven't launched the cryptocurrency,
ZenGo is letting users store a test version. The test Libra funds,
unlike the version that's coming, don't have any real monetary value.
"Getting to know it early might spark some new ideas and give you a
head start for when Libra becomes truly operational," ZenGo said in a
blog post. You can experiment with Libra by going to your account tab in
the ZenGo app, which is currently available for iPhone users. The
wallet also lets you buy Bitcoin, Ethereum and Binance Coin with your
credit card or Apple Pay.
Since Facebook announced Libra, the
company has faced pushback from US lawmakers who are concerned that the
cryptocurrency will be abused by criminals and negatively impact the US
dollar. Facebook's blockchain boss, David Marcus,
said in a congressional hearing last month that the social network
wouldn't launch Libra until the company has addressed all concerns, but
he stopped short of agreeing to a moratorium.
Facebook took the
wraps off Libra in June. Unlike many other cryptocurrencies, Libra will
be pegged to a basket of assets that anchor its value, so that value
won't swing wildly. The Libra Association that'll manage the currency
hasn't said what those assets will be, but it suggested they'd include
major global currencies, like the dollar and the euro. The proposed
crypto has been met with a chilly response from regulators and politicians around the world.
ZenGo
will compete with a digital wallet called Calibra that Facebook plans
to introduce in 2020. The social network, though, has the advantage of
already having 2.4 billion monthly active users. You'll be able to
download the Calibra app onto your iPhone or
Android device, or add the wallet into the messaging apps Messenger or
WhatsApp once it's released. The Calibra wallet will also work with
other wallets that accept Libra. Users need to verify their identity by
uploading an ID such as a driver's license.
ZenGo, which plans to
release an app for Android phones, said that users can create their
digital wallet by downloading the app and providing their email. You
also don't need a private key, and ZenGo users scan their face to backup
their wallet. ZenGo said it's a "noncustodial" wallet for Libra, which
means you have full control over your funds instead of having to rely on
a third-party.
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