Calibra COO Tomer Barel told Finace Magnates that Facebook has no connection to preliminary trading in the tokens.
Speaking to Finance Magnates at the Ethereal Summit in Tel Aviv on Sunday, Tomer Barel, the chief operating officer at Facebook’s blockchain project Calibra, said that the social media giant has no connection to trading that is taking place in Libra investment tokens.
Finance Magnates learned from several sources last week that a secondary market in Libra investment tokens already exists, with institutional investors offering and trading in the options-like products.
The tokens are set to be given to the 28 members of the Libra association - a group set up by the social media company to support its nascent Blockchain venture. But none of the members have actually received the tokens yet.
And speaking to Finance Magnates at the Ethereal Summit, Barel, who joined Calibra from PayPal last year, said that Facebook has no connection to the market.
“[The tokens] don’t exist yet,” said Barel. “If someone is selling them, it’s on their own, and it’s their problem.”
When asked if the people dealing in Libra tokens are effectively selling “thin air,” Barel replied in the affirmative.
“At the moment, yes [they are selling thin air,]” said the Calibra executive. “Maybe they are selling a promise that in the future they will have the tokens but, at the moment, there are no investment tokens.”
To trade or not to trade?
Another contentious issue is whether or not the Libra tokens - which will likely act as equity in the cryptocurrency project - will even be tradeable. This still seems to be up in the air.
“This is something that the members of the Libra Association will have to discuss,” said Barel. “Our hope, as we have already shared, is that we would hope that they do allow the tokens to be traded.”
The Calibra executive’s comments came after he gave a talk to a packed audience in Tel Aviv.
Touching on relationships with regulators and other financial authorities, Barel said that Facebook had expected some pushback on Libra and that the company views it as a healthy component of the cryptocurrency’s development.
“We knew that there would be an Exchange with regulators and policymakers,” said Barel.
“But we view this as a positive thing. Our goal isn’t just to expand access to financial services across the globe; we also want to support the stability of the world economic system.”
Of course, Libra won’t just affect the existing financial system - it has also crashed into the blockchain industry. But, perhaps surprisingly, Barel said Libra’s biggest competitor isn’t another cryptocurrency but one of the oldest financial tools in the world.
“This may surprise you, but our key competitor is cash,” said Calibra’s chief operating officer. “When people use cash, it demonstrates the current limitations of modern financial services. When we see the use of cash diminish, we see the successful development of financial services.”
Speaking to Finance Magnates at the Ethereal Summit in Tel Aviv on Sunday, Tomer Barel, the chief operating officer at Facebook’s blockchain project Calibra, said that the social media giant has no connection to trading that is taking place in Libra investment tokens.
Finance Magnates learned from several sources last week that a secondary market in Libra investment tokens already exists, with institutional investors offering and trading in the options-like products.
The tokens are set to be given to the 28 members of the Libra association - a group set up by the social media company to support its nascent Blockchain venture. But none of the members have actually received the tokens yet.
And speaking to Finance Magnates at the Ethereal Summit, Barel, who joined Calibra from PayPal last year, said that Facebook has no connection to the market.
“[The tokens] don’t exist yet,” said Barel. “If someone is selling them, it’s on their own, and it’s their problem.”
When asked if the people dealing in Libra tokens are effectively selling “thin air,” Barel replied in the affirmative.
“At the moment, yes [they are selling thin air,]” said the Calibra executive. “Maybe they are selling a promise that in the future they will have the tokens but, at the moment, there are no investment tokens.”
To trade or not to trade?
Another contentious issue is whether or not the Libra tokens - which will likely act as equity in the cryptocurrency project - will even be tradeable. This still seems to be up in the air.
“This is something that the members of the Libra Association will have to discuss,” said Barel. “Our hope, as we have already shared, is that we would hope that they do allow the tokens to be traded.”
The Calibra executive’s comments came after he gave a talk to a packed audience in Tel Aviv.
Touching on relationships with regulators and other financial authorities, Barel said that Facebook had expected some pushback on Libra and that the company views it as a healthy component of the cryptocurrency’s development.
“We knew that there would be an Exchange with regulators and policymakers,” said Barel.
“But we view this as a positive thing. Our goal isn’t just to expand access to financial services across the globe; we also want to support the stability of the world economic system.”
Of course, Libra won’t just affect the existing financial system - it has also crashed into the blockchain industry. But, perhaps surprisingly, Barel said Libra’s biggest competitor isn’t another cryptocurrency but one of the oldest financial tools in the world.
“This may surprise you, but our key competitor is cash,” said Calibra’s chief operating officer. “When people use cash, it demonstrates the current limitations of modern financial services. When we see the use of cash diminish, we see the successful development of financial services.”
ASIC Scores Legal Victory: BPS Financial Found Guilty in Qoin Wallet Case
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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