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Rumours have been circulating for months that Facebook [TCO] has plans of building a cryptocurrency payment platform for its over one billion users. The Wall Street Journal has also stated the code name is Project Libra. Facebook [TCO] has had ambitions to get into the cryptocurrency game and has been testing out various moves such as through WhatsApp in India.
Can stablecoins can Facebook
While many are used to bitcoin and ethereum, Facebook is looking at implementing “stablecoin.” Stablecoins are cryptocurrencies that are supposed to be more stable unlike the roller coaster ride of currencies such as bitcoin, which has seen fluctuations from $14,000 in late 2017 to $3,00 earlier this year. Stability should make it easier for consumers to trust in this digital currency.
Will Facebook be a treat to Apple, Google, Amazon?
Facebook was smart to tap David Marcus, PayPal’s former president, to lead Facebook’s blockchain group. Under David is about 30 ex-Paypal employees so their knowledge within online payments can be a huge asset. Everyone is trying to ‘own’ the internet, and it will be interesting to see how Facebook will roll out their plans. There is little evidence that consumers will embrace digital currencies even if it comes from Facebook. For now Google and Amazon do not have anything to worry about. Apple as we have seen under the leadership of Tim Cook is not a company to be “first to market” anymore.