Social media giant Facebook is in talks with financial firms such as Visa and Mastercard to support its purported cryptocurrency project. According to a report by the Wall Street Journal, the company is seeking $1 billion for its ‘Facebook Coin’.
Rumours about Facebook’s cryptocurrency for Whatsapp payments have been doing the rounds from the last year. There are also reports that Facebook is considering payments via user profiles and integrating it within apps for payments. Facebook may also pay users in its cryptocurrency for viewing ads, and allow advertisers to accept the coin.
The initiative is called Project Libra internally and aims to disrupt the payments space. Incidentally, Facebook launched its blockchain division led by PayPal veteran David Marcus last year.
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