Facebook’s Libra Testnet Now Supported By Cryptocurrency Wallet ZenGo
The non-custodial keyless crypto wallet solution has announced that it now supports Facebook’s Libra testnet.
As per the announcement ZenGo’s users will now be allowed to send, receive, and store Facebook’s Libra cryptocurrency just like any other crypto supported by the wallet. However, ZenGo gave a caveat that testnet funds have no real value as they are only used for testing purposes.
According to the announcement given by ZenGo Facebook is developing its own cryptocurrency wallet, Calibra, that will allow its 2.4 billion active users to store, send, and receive Libra tokens. However, it will be a custodial wallet that Facebook will control, and that will need users to go through a know your customer check to use it.
The Israel-based crypto wallet said:
“If you would like to experiment with Libra, you can turn on Libra testnet from the [ZenGo] Account tab in the wallet. Once you turn on the feature, make sure your wallet is backed up, and we’ll send you your first Libra.”
The ZenGo team also warned that Libra’s testnet is still in the experimental phase. Therefore, it could be periodically reset for maintenance and upgrades that means that the entire data within the network gets reset including the balance.
Libra has been under fire from regulators since day one and rumours now suggest the stablecoin may never even see launch, but only time will tell as to how true this is.
According to Cointelegraph, ZenGo Wallet has been working on modalities to get rid of the need for its users to store private keys by introducing a key replica solution which can be used by different people instead of existing as one string of characters.
On his part, the head of Calibra at Facebook insisted that Libra users will not have to put their trust in Facebook.
Will Libra finally be launched? Share with us in the comments section.