It turns out Facebook has been working on a cryptocurrency payments system to tack onto the app’s back-end, including its own digital coin users could send both to one another in the Facebook ecosystem, as well as elsewhere online y’all. Its code name is Project Libra.
A tall order, for sure dear readers, but we all buy things online out of pure convenience, if not outright necessity, these days, so it would be quite the achievement even if Facebook was able to convert just a fraction of its ~1.5 billion daily users.
In terms of financing to support the new digital coin, to avoid volatility many other coins experience on a near-hourly basis, the rumor is Facebook is looking to raise $1 billion for the effort, talking to such firms as Visa, MasterCard and First Data Corp.
This stable coin would help ensure acceptance by Facebook users as a legitimate currency, as it would be backed by government issued US dollars.
There is also talk of the digital coin operating as a loyalty rewards program for genuine interaction on Facebook, whether watching a video, or interacting with an ad, to help combat so much of the rampant bot activity currently clogging up Facebook feeds.
All very interesting news as BTC continues to hold above $5,000. Watch this space, we will absolutely be keeping an eye on this.