Rajarshi Mitra
Independent Analyst
- Facebook has launched a cryptocurrency payment service called “Project Libra”.
- Mark Zuckerberg strongly believes that the project will be profitable on Facebook.
Facebook has launched a cryptocurrency payment service known as “Project Libra” and it is currently looking for acceptance from e-commerce companies and financial firms as reported by Wall Street Journal. WhatsApp will be the platform for cryptocurrency transaction, as it is the encrypted messenger subsidiary of Facebook.
It is expected that the cryptocurrency will be accepted by the project supporters in exchange for their products and services. Third-party apps and websites may soon be able to make facebook payment services. As per some reports, the cryptocurrency will also be pegged on a 1-to-1 ratio with the US Dollar
Facebook users may soon be paid in small amounts of crypto for viewing advertisements through Project Libra token. CNBC reports that Project Libra is an integral part of Facebook’s advancement towards privacy and private commerce. CEO Mark Zuckerberg strongly believes that the project will be profitable for Facebook and its applications.
Speaking at Facebook Inc’s annual F8 developer’s conference, Zuckerberg said:
“What we expect is as we build out more commerce-related features around shopping and Instagram and Marketplace and Facebook and certainly the private social platform that I’ve been talking about, I think will lend itself to private interactions around payments and commerce and interacting with businesses in that way.”
Henry Liu, a former Facebook employee and managing partner of enterprise blockchain investment firm YGC told CNBC that “payments and commerce are Facebook’s only way out from its freemium, advertisement business model.”
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?