- Project Libra is the name of Facebook’s new cryptocurrency project, which they have officially started work on.
- Facebook has already started working with several merchants and payment processors.
The news cryptocurrency-based blueprint from the social media giant is named “Project Libra”. It is focused on creating a payment network with their own native stablecoin. Further within the report it detailed that Facebook are already in talks with the likes of; Visa, Mastercard, First Data and other merchants.
They are working on creating the network to have the potential to serve the one-third of the world’s people who log on monthly to Facebook.WSJ also covered within the report that Facebook has been recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system.
Confirming the seriousness of their intentions with this, after raising many eyebrows.
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Francisco Gimeno - BC Analyst FB has the teams, money and the global network. If they launch a global FB crypto, a payment network, and they get the bank merchants and companies in it, they will have already a big advantage. What this means for the promises of a decentralised society?