Facebook Hunts E-Commerce, payment partners for Crypto Push: report

By NCC: The crypto community did not scare Mark Zuckerberg of his cryptocurrency ambitions, at least not yet. New details appeared in a Wall Street Journal report stating that Mark Zuckerberg's company is actively seeking agreements with its partners to support its cryptocurrency payment ecosystem. Facebook would be in discussion with "dozens of financial companies and online merchants" to support the unveiling of its blockchain-based payment network. Facebook seeks to earn $ 1 billion for its new cryptocurrency and has been in talks with major players.

Create a payment system based on cryptocurrency on Facebook https://t.co/xGDlyhDHnZ

– Barry Silbert (@barrysilbert) May 3, 2019

Project Balance

We already knew that Facebook was courting venture capitalists, thanks to Nathaniel Popper of the New York Times. Now the newspaper is showing more and more the hand of Facebook, claiming that the cryptography initiative has been dubbed "Project Libra". They also say that discussions have been expanded to include payment space leaders, including Visa and Mastercard, in addition to First Data, all of which could potentially emerge as funders to project.

In addition, Facebook is in talks with e-commerce companies, which gives additional insight into how the company intends to use its new cryptocurrency. Facebook's motivation to contact online merchants is twofold: invest in the encrypted payment platform and join the network as a partner. This suggests that Facebook's cryptocurrency would not be limited to company applications such as Whatsapp. Instead, these e-commerce partners would support Facebook's stable cryptocurrency for payments, thus offering users the ability to perform transactions between applications, which would be revolutionary for a platform General public. Facebook could motivate merchants by removing transaction fees for encrypted purchases.

Facebook has more than a billion users and using crypto could pave the way for adoption of cryptocurrency, even if it's Facebook. By comparison, the cryptocurrency ecosystem currently has 100 million users, according to Blockchain Capital. Social media platforms have the potential to change "millions" to "billions" for cryptography.

Facebook seeks to encourage users to use its cryptocurrency. For example, they reward users with fractions of crypto – a bit like a Satoshi – for viewing advertisements and interacting with content. This is very similar to what Brave does with Basic Attention Token.

Facebook and confidentiality

The privacy scandals of Facebook are not secret, it's the elephant in the room for the crypto community. Mark Zuckerberg has not yet regained the trust of its users, not to mention cryptography. He recently proved that he was still disconnected from his users. Zuckerberg made a privacy joke at the recent Facebook developer conference. Still, he has ambitious plans for the payment platform as he seeks to compete with Amazon.