Facebook to develop its cryptocurrency
On May 2, Facebook registered a new subsidiary company, Libra Networks. The company will focus on developing its own stablecoin.
Libra Networks will reportedly aim to provide financial products and solutions based on blockchain technology. It is highly likely that a stablecoin developed by Libra Networks will serve as a foundation for a payment service that is currently being built by Facebook.
Stablecoins are cryptocurrencies backed by different foreign currencies and physical goods such as gold and oil. Thus, the stablecoin exchange rate is much more sustainable than that of other cryptocurrencies.
It’s time-consuming and labor-intensive to develop and ramp up a payment blockchain infrastructure of such a scale. Facebook has already put lots of people on the payroll for its new blockchain team. The company has recently hired two former compliance managers from one of the major cryptocurrency exchange firms Coinbase — Mikheil Moucharrafie and Jeff Cartwright. For the first time in many years, Facebook is going to raise third-party investment worth approximately 1 billion dollars.
Libra Networks is a testament that Facebook has serious plans to establish an integrated payment service, while “Facebook coin” will draw attention to cryptocurrencies and therefore to crypto offers.
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