Facebook, the most popular social network in the world seems to be working on a cryptocurrency and blockchain network for payments. The information was released by The Wall Street Journal a few days ago. Nonetheless, the newspaper has then deleted the article related to Facebook’s blockchain project.
Facebook Could Be Developing A Blockchain Payment Network
The social media giant Facebook seems to be working on its own stablecoin. The firm is seeking investments worth $1 billion in order to back the Facebook stablecoin. According to people familiar with the matter that talked with The Wall Street Journal, the firm is currently working with Visa and MasterCard about potential support. Moreover, Facebook is also working with the payment processor First Data Corp.
During the last few months, there were several reports related to Facebook launching its own stablecoin dubbed FB Coin. As per these rumours, Facebook was working on a digital asset that was going to be used for the Indian market in order to process remittances. WhatsApp users were going to be using this digital asset and reduce cross-border payments’ costs and transaction times.
There are different opinions about Facebook launching its own digital currency. The digital asset could be used to gather more information for Facebook and understand how users spend their funds in India. Other countries and platforms could also be added in the future.
The sources of the WSJ explained that the funds that Facebook is trying to gather are going to be used to give stability to this digital assets. The market has different digital currencies that are pegged to the US dollar or other fiat currencies. With the Facebook Coin it will be possible to reduce crypto volatility, improve the remittance market in India, and gather information about how users move funds from one country to another.
Tim Draper, one of the most popular crypto investors and supporters in the market, met with representatives from Facebook in order to plan and discuss new investments in the crypto space.
There is no information about why The Wall Street Journal decided to delete the article. Facebook has never confirmed nor denied the intention to launch a crypto and blockchain network.
A short time ago, Facebook started to hire new employees for its blockchain team, which allowed for speculation to spread.
