Facebook’s Crypto Payment Service Could Reward Users

Social network giant, Facebook is likely to move forward with the launch of its upcoming cryptocurrency and is currently in talks with a number of financial entities and e-commerce companies in order to gain support for its crypto payments system.

Thanks to the New York Time’s Nathaniel Popper we already know that Facebook has been in talks with numerous venture capitalists. The latest details to surface however, have reported that Facebook’s crypto project has been code named Project Libra. Furthermore, many publications have also reported that Facebook’s discussions have expanded to payment leaders such as Visa and Mastercard.

In addition to these financial bigwigs, Facebook is also rumoured to be in talks with many e-commerce companies. This news sheds more light as to how the social network plans on making use of its new cryptocurrency. Facebook’s goals for approaching online merchants is one that is double edged – get companies to invest in the crypto payment platform and join the network as a partner. This alludes to the possibility that Facebook’s cryptocurrency would not only be limited to the company’s apps such as Whatsapp but instead any e-commerce partners that come on board would be in support of Facebook’s  stable cryptocurrency for payments enabling users with the ability to transact between various applications which would be groundbreaking for mainstream platform. Facebook could very achieve this by waiving any transactions fees which involve merchants and crypto-enabled purchases.

Currently, Facebook boasts an impressive 1 billion plus users and by implementing crypto on the platform could open the industry to the mainstream adoption it needs.  If one had to compare the cryptocurrency ecosystem which is currently made up of 100 million users plus to social media platforms such as Facebook which have billions, then its clear that social media platforms such as Zuckerberg’s creations truly have the potential to change “millions” to “billions” of users for crypto.

Facebook is allegedly also seeking to incentivize users of its cryptocurrency. For example, it seems that they would reward users with fractions of the digital asset, think along the lines of a Satoshi for completing simple tasks such as viewing ads, sharing and engaging with content.

Facebook’s Privacy Woes:

Facebook’s battle with issues surrounding privacy are no secret and this is the main factor for skeptical members of the crypto community. At this point in time, Mark Zuckerberg still has to regain the trust of his users, let alone the privacy-driven members of the crypto community. 

The CEO recently proved once again how out of touch he is with people by dropping a privacy-related joke at Facebook’s recent developer conference. Despite his clear lack of knowing his audience, the tycoon has bold plans for his cryptocurrency and payments platform as seeks to compete with the likes of e-Bay and Amazon.