Facebook is going to announce its new Cryptocurrency maybe the end of this month. Facebook’s employees who work on the project, so-called Libra, can choose to be paid in the Cryptocurrency token instead of any other payment method.
The target market of Crypto will be developing nations. These Crypto Coins will be used in Facebook’s products like WhatsApp, Facebook’s Messenger, Instagram and so more. Facebook is planning of physical end-to-end terminals of withdrawing like ATM(s). Facebook is also offering a signup bonus to merchants who accept Facebook’s Cryptocurrency for regular business.
The more focus of Facebook is to get into e-commerce. At F8, Facebook’s Developer conference, the company announced e-commerce integrated features in some of their application. Letting Instagram’s users buy straight from their favorite influencers. Also, allow a business to put their products listing on WhatsApp for business app. They also introduced direct checkout feature for Instagram in March.
If Facebook does push its tokens live, it will be to a user base larger than any cryptocurrency ever before, about 2.3 billion people use Facebook around the world as of the first quarter of this year. To make this currency viable, Facebook has been working with governments to get approval for the token’s use. The company is also working on fraud prevention measures, including “more powerful Algos of identity verification. Mark Zuckerberg, has made the project Libra a high priority for investment. Facebook also hired a team from chain space, Blockchain Experts.
That all for today, that we heard from reports regarding Facebook’s Cryptocurrency. Check out our coverage from the Apple WWDC 2019, a quick wrap up of the event related to user privacy and issues.