Facebook’s cryptocurrency plans are gaining more traction as the days pass by, at least, according to the news headlines. It got a couple of names like Libra and GlobalCoin.
Past reports have suggested that the new blockchain-based money won’t arrive until 2020. But according to The Information, the blue network could unveil its much-hyped cryptocurrency later this month, most likely on June 18th.
At Facebook, the team of engineers working on the concurrency is headed by ex-PayPal president David Marcus. It’s known that employees working on the project can choose to take their paycheck in the form of blockchain tokens.
The report says that CEO Mark Zuckerberg has made Libra one of the top priorities. Once it goes live, Facebook’s cryptocurrency would try to compete with traditional payment methods like cash and credit card transactions.
It would be available on different platforms, including WhatsApp and Messenger, and would let people exchange money for blockchain tokens.
Facebook aims to capture developing nations like India. People working abroad would be able to easily send money to their family. The plans also include ATM-like physical terminals and sign-up bonuses for merchants opting for cryptocurrency as a payment option.
A big plus point in Facebook’s case is its gigantic user base of 2.3 billion people whom the company can pitch its idea of the new digital money. Much to the users’ rejoice, Facebook could even go along the lines of Brave browser and pay users for watching ads, but in the form of its cryptocoins.
The talks about Facebook’s digital money started last year when CEO Mark Zuckerberg started learning more about cryptocurrency. There were also reports of the company working on a separate cryptomoney for its subsidiary WhatsApp.
For a long time, the company has also been busy transforming its different products into e-commerce platforms. You have the Marketplace on Facebook. The company is working on features which would let people buy stuff from their favorite Instagram handles, and so on.
But Facebook also understands the fact that it would be hard to build people’s trust on its new offering. The Information reports that Facebook has been approaching other companies and financial bodies to form a foundation that would govern the cryptocurrency.