It is not a secret anymore that Facebook is developing its own cryptocurrency project. There were rumors that it would be a coin that is meant specifically for the social media WhatsApp, Messenger and Instagram, which the company owns. Partially the rumors are true, but the Libra project is more like cryptocurrency payments inside and outside the platform. Like any project in the world, it requires money to support and develop it, and this is what Facebook is looking for.
According to the report by TWSJ, Facebook is in talks with a bunch of financial firms and e-commerce companies to get financial aid to the plan that is currently developing. The social network has talked to different companies, including MasterCard and Visa.
The company has also been recruiting e-commerce companies and apps to accept Facebook currency, they also look at third-party websites and apps to embed its payment services. The idea is to reward Facebook users with a digital coin in exchange for looking at advertisements, the report says.
A former Facebook employee and a partner of YGS blockchain investment firm, Henry Liu, said:
“Payments and commerce are Facebook’s only way out from its freemium, advertisement business model.”
We remind you that Facebook needs about $1 billion dollars to funs its cryptocurrency. Read details here:
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