So for those of you who may not be aware of Facebook recent plans, you should know that Facebook has been in the works of developing their very own cryptocurrency and the first news came from non other then Bloomberg who told the world that Facebook was developing their own cryptocurrency which will be backed by the US dollar that users can transfer to one anotherusing WhatsApp. Now as per a new report by The Wall Street Journal, it has been revealed that Facebook has some pretty huge plans for what they have dubbed as the “stablecoin.” Furthermore the social network have also startedgiving out deals with dozens of online merchants and financial firms in an effort to support and in turn get someshares in the upcoming cryptocurrency-based payment platform that could rival Apple’s own payment system.
In addition to things the Wall Street Journal states that Facebook has been working pretty hard to bring alive the project that they have codenamed “Project Libra” for over a year. It reportedly designed the system which willbe used to carry out personal transfers and purchases not just on the platform alonebut in addition to that, also on other websites. The new platform will work as other checkout options, such as the more prominent ones withthe top example being that of PayPal, a platform which people could use across the internet. Another report which was released in the past shows that Facebook is looking to raise a sum of $1 billion for the project from investors such as Visa and Mastercard, indicating that the social network is going all out to make it happen and to hence make it a success.
Furthermore, the companystarted by Mark Zuckerberg is reportedly planning to reward users with fractions of a coin when they view ads or shop on the platform, most likely in an effort to persuade people to give it a shot. If the company plays its cards right, it could have a huge pretty large number of users and consumerd in very little time, given the fact that Facebook already has over 2 billion monthly active users.