Economy

Facebook’s cryptocurrency would stand to benefit greatly

Facebook’s cryptocurrency would stand to benefit greatly

With the tokens planned to be used in WhatsApp and Messenger as well, it seems that the marketing team has also turned an all-aggressive gear through plans like offering sign-up bonuses to merchants who accept the cryptocurrency as a payment method.

Facebook at the weekend officially confirmed that the planned stablecoin will not be tied to any single fiat currency, but will instead be linked to a basket of currencies in order to prevent volatility.

Talking to the German reporter at Money20/20 Europe, McCracken revealed the whitepaper of Facebook's much-discussed cryptocurrency will be published on June 18.

More interestingly, Facebook plans to cede control of the cryptocurrency to an outside foundation The Information reports (via The Verge) to alleviate concerns that one would have to trust Facebook with even more incredibly sensitive data.

The move aligns with Facebook's push into e-commerce.

More news: Scientists Find Mystery Mass Under Moon’s Surface

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.

According to BBC, Facebook is planning to formally launch its cryptocurrency next year. Reportedly, Facebook is preparing well by negotiating with financial institutions to help raise $1 billion worth of worldwide flat currencies and securities with low risks that will serve as indemnity for the token's stability.

Facebook has been working with governments to get approval for the coin and it will intensify efforts on fraud prevention, which means you can expect "more stringent forms of identity verification".

Mark Zuckerberg, the CEO of Facebook, has made the Libra project a high priority for investment, according to the report. This has reportedly been named as "Libra" and it is also said to be coming this month. For example, Facebook could misuse information about its users of buying habits in order to offer better targeted adverts to attract further investment from firms. In addition, Facebook has registered a company called Libra Networks in Switzerland under the banner of financial services.


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