Facebook launches New Crypto, looks for e-Commerce Partners

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.”