There appears to be a top secret project that is currently in motion at Facebook. This project involves the creation of a payment system that will utilize cryptocurrency. The project was revealed when several inside sources at Facebook spoke to the media with the condition that their names be withheld. The social media giant has been involved in talks with many of the largest financial institutions in the world. The purpose of the project is for Facebook to create a cryptocurrency that people can use to buy things both on their platform and many other places online. They are currently trying to find financial backers so they will be able to connect the new currency to advertising.
Facebook is looking for a $1 billion investment to get their new cryptocurrency project off the ground. They need this much money to get started because cryptocurrency can be very volatile. Therefore, they will need to have substantial capital to protect the value of the new Facebook cryptocurrency when it is finally released. Facebook CEO Mark Zuckerberg has said on several occasions that he is very interested in exploring how cryptocurrency can benefit the users of the platform. However, he did not go into any specifics regarding ways that it might be integrated into the Facebook platform in the future.
It is interesting to note that Facebook currently does not allow any ads to be placed by cryptocurrency companies. Their reason for doing this is the fact that many of the companies that deal in cryptocurrencies are often accused of scamming people. Facebook appears to believe that it can become the world’s first legit dealer of cryptocurrency. Only time will tell if this is the case. Since the project is secret, there is no timeline for when Facebook will officially launch their new cryptocurrency to the public. They will probably need a considerable amount of time to acquire the necessary funds.
Cryptocurrency has received a lot of negative publicity over the past decade. However, some of the most powerful people in the tech world have come to its defense. Tesla CEO Elon Musk and Twitter CEO Jack Dorsey have praised its versatility. The fact is that cryptocurrency will need to overcome its negative public image before is can become something that millions of people use on a daily basis. Facebook might have more resistance to the new currency they are developing than they anticipate.
