Cryptocurrencies are the talk of the town today, but we all didn’t see Zuckerberg poke his nose into this sector. Still, it’s no surprise because crypto is a money-spinning venture.
So, what has Facebook been hiding from you?
A sneak peak
- Facebook is discussing deals with many FinTechs and e-commerce firms to back up a cryptocurrency payment service that Zuckerberg and his team hassilently been working on.
- Facebook’s alleged rollout dabbed Project Libra is looking to payFacebook users with portions of the digital currency for viewing ads.
- Giant financial corporations including Visa and MasterCard are tabling talks with theworld-famous social site to make Project Libra come true.
Facebook has beenmeeting FinTechs like MasterCard and Visa Inc. to discuss new crypto strategy. Facebooks cryptosystem will:
- Pay facebookers with digital portions for viewing ads,
- Allow them send crypto portions to their friends on Facebook.
- Offer in-app purchases
Project Libra is said to feature a digital currency supported by blockchain technology tied to the U.S. dollar to allow users of Facebook and WhatsApp receive and send money.
The same way third party sites have beenusing Facebook,the social firm will now installits payment system in other apps and sites. Payment services on third-party websites could be paid with Facebook’s crypto coin.
This project is a major upgrade for Facebook on privacy especially at a time when social media giant is facing intense pressure from its shareholders, Users and regulators regarding privacy. Therefore, payments and private systems will be important for the company’s future. This e-commerce system will impact brands to spend more money on advertisers.
The digital currency is rumored to stand out as the best mainstream cryptosystem. And with Facebook’s 2.4 billion users you can imagine how much is going to flow. The digital coin will also provide an efficient shopping experience. You simply sign in to Facebook, and startbuying items— much easier than having to entercredit card digits.
Thisnew innovation is expected torake in revenue forFacebook and be a gamechanger in the crypto world.
In fact, one of the managing partners of YGC, a blockchain investment enterprise and a former Facebook employee has argued however that social company’s cryptosystem is a bid to commercialize premium advertisement.
Author Bio: As the FAM account executive, Michael Hollis has funded millions by using high risk ACH processing solutions. His experience and extensive knowledge of the industry has made him finance expert at First American Merchant.