Facebook is busy developing its own crypto currency

Facebook probably comes with its own crypto coin, sources told The Wall Street Journal. At the beginning of March, the news came out that WhatsApp, part of Facebook, is also busy developing a cryptocurrency. According to a newspaper report, there may already be talks in progress with parties such as Visa and Mastercard and staff are recruited to help set up a cryptocurrency-based payment system. The rumors that Facebook comes with its own crypto coin have been going on for some time and it seems that the time has almost come.

Facebook Crypto: Project Libra

The ‘secret’ code name for the cryptocurrency would be Project Libra. WhatsApp becomes the platform for crypto transactions. The cryptocurrency is expected to be accepted in exchange for products and services. Third-party apps and websites may soon be able to offer Facebook payment services this way. Facebook users can then be paid in small amounts of crypto for viewing ads via Project Libra token. CNBC reports that Project Libra is an integral part of Facebook’s progress in privacy and private commerce. CEO Mark Zuckerberg is convinced that the project will be profitable for the parts of Facebook, he said at the F8 conference earlier this week.

Main claims about the cryptocurrency of Facebook

According to the authors of the report published on The Wall Street Journal, sources also made the following statements:

  • Users may be able to buy something directly from Facebook advertisers with the crypto currency;
  • Perhaps users of the coin are rewarded with a part of a token when they view advertisements;
  • Facebook hopes to raise 1 billion dollars in investments. This will partly be own money and is intended as collateral;
  • Facebook has opted for a stable coin because they expect to keep the transaction costs as low as possible. Facebook would like to link the currency to the value of the dollar to prevent speculation. Other crypto coins, such as the bitcoin, change course greatly . To attract and retain advertisers, it is also nice to keep the course stable.

Facebook itself did not want to respond to the allegations and referred to an earlier statement, in which they explain investigating multiple applications of cryptocurrency. Behind the scenes, the company has already worked on blockchain-related projects.