Facebook's Cryptocurrency 'Project Libra' Could Finally Be Taking Shape

Facebook has been trying its hands on various things (the new dating app is proof of it), and this plan also included a cryptocurrency platform. Taking the project seriously with an aim to explore the crypto world, Facebook is now taking further steps in the venture.

It is suggested that Facebook is talking to various financial institutions and cryptocurrency-based platforms to take forward its own platform, codenamed Project Libra.

The Mark Zuckerberg-owned social media platform is also in talks in Visa, Mastercard, and many more to acquire around $1 billion of investment.

What Will Facebook’s Crypto Platform Be Like?

Facebook’s cryptocurrency platform is expected to provide users with the ability to use the cryptocurrency not only on Facebook but also across other platforms, making “Facebook cryptocurrency” a versatile one.

In addition to this, to attract users, Facebook is likely to introduce a feature wherein users will be paid in cryptocurrency for watching ads or make purchases via Facebook, much like Brave, which follows a similar approach.

To recall, Facebook has been planning its cryptocurrency since last year and was previously expected to introduce one for its child — WhatsApp. For this, the social networking site had also given birth to its blockchain division for which it was shifting a number of its employees to it.

My Take On It

Following several data breaches since 2018 (they continue to happen), Facebook has been trying hard to get back into people’s favorite list, and it is heading in many directions for the same. A cryptocurrency platform by Facebook could help it boost its stand in the market, given cryptocurrency could be the thing in a couple of years.

Additionally, the platform will prove a competition to Apple Pay which seems to have a good foothold in the market.