Recently we had news that Facebook was going to launch its cryptocurrency in the first half of 2019. Now it seems that the news is in action and Facebook to enter the crypto space very soon. Over the past few months, it has been observed that multiple independent sources are confirming that Facebook – the king of the social media is planning for its payment system that can be used via WhatsApp powered by blockchain. The Wall Street Journal (WSJ) has reported the same.
As per the report by WSJ, Facebook has spoken to big global payment industries like Visa and MasterCard. Also, Facebook seems to have spoken to First Data – a payment processing platform, also with several apps and e-commerce firms to accept the Facebook coin and also to invest in the project. Facebook seems to have named this secret project as “Project Libra,” according to the report.
Facebook has nearly 3 billion users globally; with this, it can work on cross border blockchain. Now with each person getting a digital wallet, the business would be massive.
Mark Zuckerberg, the CEO of Facebook, then said, “ I’m thinking about going back to decentralized or Blockchain authentication. Although I haven’t figured out a way to make this workout, but this is around authentication and basically granting access to your information and to different services.”
We will have to wait and see how Facebook will be successful in achieving their goal but looking at the progress and the determination it looks like the day is not too far. Also, it will be interesting to watch how Facebook coin might impact other cryptocurrencies in the market.
Will Facebook coin will make an impact on the market as expected? What are your thoughts on this? Do let us know by commenting below.