• November 30, 2020

Facebook To Develop Crypto-Based Payment Service

Facebook To Develop Crypto-Based Payment Service

Facebook is recruiting several financial firms to support its cryptocurrency payment service that is currently being developed.

According to CNBC, The social media giant is taking the support of several financial firms and online merchants to launch its cryptocurrency based payment service. They are talks with Visa and MasterCard about this payment system also known as Project Libra.

But Facebook also is under pressure of regulators and stakeholders regarding the release of its crypto payment service.

Project Libra will consist of a cryptocurrency backed by blockchain technology. This cryptocurrency can be sent to others through the WhatsApp messaging service.

Facebook is recruiting several e-commerce firms to accept Facebook’s cryptocurrency reported WSJ. Also, the report said that Facebook users will receive cryptocurrency for looking at ads.

Facebook is one of the largest social networking platforms. So several third-party websites and apps use Facebook to log-in thus in a similar way they are planning to include their new payment service in other third-party websites and apps.

Facebook has been interested in the crypto space as they have also acquired several cryptocurrency startups recently.
This acquisition is done to support the cryptocurrency payment service being developed by them.

Last time we had seen Facebook is in discussion with Crypto exchanges for listing its tokens. But there is no much information regarding this as Facebook has not officially confirmed on this matter.

What do you think about Facebook’s crypto-based payment service? Share your thoughts in the comment below.

Finance

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