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Facebook looks set to launch a cryptocurrency payment system


www.chepicap.com 03 May 2019 06:48, UTC
Reading time: ~2 m

Facebook is looking set to launch their own cryptocurrency payment system, code named 'Project Libra'

Wall Street Journal reports that Facebook is looking to implement a cryptocurrency on the platform to be used ideally on the social network for multiple purposes, including advertising on the site.

Facebook is currently looking for investors in an attempt to raise $1 billion, which will be used to support the value of the coin and "protect it against the volatility standard cryptocurrency" WSJ reported.

Facebook has been looking to branch off into the blockchain and cryptocurrency sector for several months now, with news circulating about Facebook making inroads into the blockchain sector from as early as May 2018 when Facebook appointed Coinbase board member David Marcus as their head of blockchain division.

For the time being, it appears that the Facebook cryptocurrency will be focused around some sort of advertising system that could potentially reward users for looking at adverts, much like how Brave browser and Basic Attention Token (BAT) operate.

The project is currently codenamed 'Project Libra' and will be looking to implement the cryptocurrency payment system to over 1.5 billion Facebook users. Facebook appear to be keeping the project close to their chests with not much information being given out at this time, but one thing that is certain, is that we could be seeing Facebook Coin in the near future.

Facebook is seeking to launch a cryptocurrency-based payments system. The effort threatens to upend the lucrative plumbing of e-commerce. https://t.co/xsAHw1D09v

— The Wall Street Journal (@WSJ) May 2, 2019

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