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According to an article in the Wall Street Journal, Facebook's long-time newspaper will be at the center of a new payment network.
The Libra project, as the blockchain initiative is called internally, would apparently involve a stable currency backed by the government's currency. A source close to the situation confirmed the aspects of the report of The Block newspaper, including that Facebook is recruiting financial companies to help launch the project and that it is called Libra.
Highlights of the report:
- Facebook is planning to launch a full payment network (rather than just remittances) and in discussion with Visa and Mastercard payment networks, payment processors such as the giant First Data as well as large e-commerce merchants to support the start.
- Facebook collectively seeks up to $ 1 billion in investments from these companies to provide a guarantee to strengthen and support a stable euro that will be associated with the payments network.
- A stablecoin will exist as the currency of the payment system in order to eliminate credit card charges for. merchants and avoid the volatility of other cryptocurrencies such as Bitcoin and Ether.
- The company plans to associate the part with the main engine of Facebook ads, rewarding the users who view and buy them, as do the loyalty points.
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