Facebook has taken official steps to start their cryptocurrency project

Project Libra is the name of Facebook’s new cryptocurrency project, which they have officially started work on.
Facebook has already started working with several merchants and payment processors.

Ken Chigbo Independent Analyst

Facebook is has taken an official step towards entering the cryptocurrency space. The details being produced by U.S. newswire Wallstreet Journal.

The news cryptocurrency-based blueprint from the social media giant is named “Project Libra”. It is focused on creating a payment network with their own native stablecoin. Further within the report it detailed that Facebook are already in talks with the likes of; Visa, Mastercard, First Data and other merchants. They are working on creating the network to have the potential to serve the one-third of the world’s people who log on monthly to Facebook.

WSJ also covered within the report that Facebook has been recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system. Confirming the seriousness of their intentions with this, after raising many eyebrows.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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