- 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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.