One of the most exciting to happen to the crypto space is Facebook’s dramatic entrance into the industry. It has just been rumours over the past few months but now it seems that it is no longer just speculation…
Over the months, a lot of independent sources have spoken on the social network’s plans for building a payments system which is to be powered by its very own cryptocurrency (yet to be officially announced).
In shedding more light into Facebook’s roadmap for this secret initiative codenamed ‘Project Libra’, reports surfaced earlier in the week that the firm has been working on the project for over a year now. To make this process quicker, the company is said to have been recruiting potential ‘allies’ including a lot of financial firms and online merchants.
According to blokt:
“The social media giant is already in talks with Visa and MasterCard, the two heavyweights that control a big chunk of the global payments industry. On top of that, Facebook reportedly is also in talks with First Data, a payment processing platform.”
In addition to this, the firm is said to be in talks with a number of e-commerce companies and apps which could see these potential partners agreeing to accept the Facebook Coin in their stores which would greatly improve awareness of the coin.
Blockchain on Facebook
Facebook has gone on record t say that the company is keen on leveraging the vast potential of blockchain tech to improve several feats of its social network.
The CEO of Facebook himself, Mark Zuckerberg has said that he was open to the idea of using blockchain technology to store Facebook logins.
At the time, Zuckerberg said:
“I’m thinking about going back to decentralized or Blockchain authentication. Although I haven’t figured out a way to make this work out, but this is around authentication and basically granting access to your information and to different services.”
Facebook Coin has been in the works for a while (allegedly) so it is interesting to see where it will go in the future. There were rumours a few months ago that the crypto would be a stablecoin but we are still awaiting an official announcement from the firm.