If people thought that large companies forgot about cryptocurrency, they should think again as Facebook announced that they will create a new cryptocurrency coin later this month. Facebook employees who are working on this new crypto project called Libra, have been given the choice to be able to be paid either in cash or this new crypto coin instead. A lot of reports guessed that this launch would come much later like next year.
The reason for Facebook getting into cryptocurrency is the same foundation any group gets into crypto and that is “developing nations where government-backed currencies are more volatile.” People will be able to use the new coin mainly in Facebook products such as Messenger, WhatsApp, and Instagram. However, Facebook plans on creating physical terminals such as ATMs for users to access the coin. Along with this, those who accept crypto as a form of payment on Facebook will be receiving sign-up bonuses as incentives.
Due to Facebook’s massive user base, if the token push happens live, it will have the largest user base in cryptocurrency as Facebook has around 2.3 billion users around the world. To make sure that the coin will be viable, Facebook has been teaming up with government around the world to approve the coin’s use. Facebook is also trying to enhance security for these coins as security will be of upmost importance when their cryptocurrency becomes public.
The CEO of Facebook, Mark Zuckerberg, is very excited for the Libra project as he has made it a very high priority for investment. In February, Facebook hired a small team from a blockchain startup, Chainspace. This cryptocurrency launch does not have everyone on their feet for excitement as some have their reservations. Chief financial, officer David Wehner, and Chief operating officer, Sheryl Sandberg have expressed their concerns internally.