New rival for Facebook’s cryptocurrency wallet Calibra

rival facebook cryptocurrency wallet calibra

The Facebook cryptocurrency wallet Calibra has a new competitor even before it’s unveiling in 2020. An Israel-based developer is ready to lock horns with the tech giant with its wallet called Zengo, a non-custodial keyless cryptocurrency wallet.

Zengo has allowed its users to experiment on Libra funds although they do not hold any monetary value as of now. It also supports other major players in the field such as Bitcoin, Ethereum and Binance Coin with your credit card or Apple Pay. The Zengo blog on Sunday stated that “Getting to know it early might spark some new ideas and give you a head start for when Libra becomes truly operational.”

Despite the bashing from U.S lawmakers regarding the safety aspects of the cryptocurrency and its negative influence on the dollar, Facebook's David Marcus has a much more positive outlook and promises to deliver the cryptocurrency only after resolving every issue faced.

Facebook with an advantage of having more than a billion users has its own crypto wallet called Calibra, which is a custodial wallet meaning that Facebook will have total control over the funds stored. And that’s where Zengo comes in with its “noncustodial” wallet for Libra, allowing the user to have absolute control over their funds without the help of a third party.

Zengo has already launched the private beta for IOS and plans to release an app for Android mobile users where they will be able to create a digital wallet just by providing their email address.