It has been in the news for a long time now that Facebook is currently working on something that will change the world of cryptocurrency. A new update from The Wall Street Journal reported that Facebook will launch a new cryptocurrency based payment system that will turn the world of global payment system upside down. This report further explained that Facebook is currently talking to a number of financial organizations and online giants that will help Facebook produce its cryptocurrency based system which has a code name of “Project Libra”. According to an earlier report, it was said that this project was meant to be for those users who use Whatsapp, but now it has been confirmed that Facebook has been successful in those steps where BitCoin met with failure.
The reason for this project to be established is that Facebook wants to enable the users to pay with these coins just like they use Facebook as a login account on other sites.
Christian Catalini who is a professor at MIT and is also an entrepreneur is said to be working with Facebook on this project. This famous crypto businessman is reported to be on leave from MIT and different sources also connected him to this project. When asked about whether he is the part of this StableCoin project of Facebook, Catalini refused to talk on the matter. This famous social personality is also said to be in talk with many E–Commerce companies and other organizations for the development of this project. Facebook wants every E-Commerce company to accept this project.
This is the reason why they are talking to all the organizations because they want to raise funds for this project that will take this project to a high level.
This Facebook coin system will be just like any other crypto coin-based system but the users will have a more detailed interface using Facebook’s widely accepted platform. Using this platform the billions of users that use Facebook on a daily basis will be able to send and receive money from each other with a more convenient and beneficial system. It is thought to reduce or completely remove the charges or transactions fees that the other crypto coin systems impart on their users. In the news from earlier in this week, it was reported that Facebook is looking for investments of about 1 billion US Dollars for this project.
The users that will use this Facebook coin will be able to enjoy many advantages like no transaction fees as has been told above. It is said to be economical for the retailers that run an online business because whenever a user will click on an ad and following that link will buy something online, the retailer will get a free token from Facebook. By using these tokens, the retailer will then be able to buy and pay for the new ads.
All of this has happened and representatives from Facebook are nowhere to be found. Whenever someone officially asks Facebook about this project, they ignore the questions and don’t seem to answer any of them.
Nevertheless, it is thought that if Facebook succeeds in launching this new cryptocurrency project, the world of cryptocurrency will witness its new heights.
Editor of IMD News