Facebook seems to be not afraid of all the speculation amidst the cryptocurrency market space. Thus after the social media giant revelation in 2018, about the launch of cryptocurrency backed by the US dollar for its Whatsapp platform now, the company has revealed another plan for its stable coin.
According to the report of the Wall Street Journal, Facebook is planning to launch a new cryptocurrency based payment system for billions of users across the world. The report said the Facebook is in talks with the dozens of financial firms and e-commerce merchants in their effort to gain support for the launch of the digital coin. Among them, Facebook has already interacted with top digital credit card payment giant, visa card and MasterCard.
According to the anonymous source from the firm, the social media giant has been working on the venture project codenamed as project Libra for more than a year, under it Blockchain initiative to launch a currency backed by fiat.
In this system, Facebook plans to launch a virtual coin similar to bitcoin however different in regard to stability, i.e. the stable coin by Facebook is backed by government-owned currency.
Wall Street report suggests that the system will enable users to send and receive the digital coin in exchange and use the currency to make purchases on Facebook as well as other online websites. Thus the system will work as a check out option like PayPal to make an online payment.
A previous Report also indicated that the global giant is seeking to launch a full payment network by rising around $1 billion investment from the firms like visa and master card So that these payment giants could act as collateral to bolster and support the development of the stable coin.
Along with these plans, Facebook is also intended to reward users with the frictional digital coin for watching advertisements and interaction with other features, most importantly to entice users to give the technology a try. As a result, Facebook is now exploring various different applications on its platform for implementing cryptocurrency technology.