Facebook that connects the people all over the world and is currently widely used is starting a new project to establish its own currency. Facebook is making collaboration with the renowned Visa and Mastercard on its blockchain project.
Blockchain has already got a lot of fame in different areas, and now Facebook is striving to get the maximum benefit from this technology for online safe and secure financial transactions.
In other news, the Wall Street Journal has confirmed that Facebook is indeed building a cryptocurrency based payment solution which is likely to hit the market in 2019. WSJ reveals that the same project “Project Libra” is the cryptocurrency mass adoption project Facebook is working on.
The recent initiative in this regard is starting a new project name ‘Project Libra.’ The main objective of this project is to provide the users with the facility of sending and taking online money and also to purchase online items if they want.
Moreover, the problem of volatility can be prevented by making a partnership with other renowned service provider companies and to make the digital currency stable for long term effective usage.
Facebook is willing to pay to those cryptocurrency users who will see any ads. In the way the troublesome process of payments from the cards can be stopped and also the extra fee that has to be paid by the traders on every transaction can be removed.
If this project would be successful, it is estimated by the Barclays Bank that facebook would be able to get the profit of worth three billion to nineteen billion dollars ($3b – $19b). Facebook has been working on the blockchain technology for quite a long time.
It has established a separate area for this sector and also hired new staff. It is said that almost 22 positions are still vacant. Engineers, managers, and experts all are being hired to allow the activities to run smoothly.
Facebook is reportedly looking to make partnerships with different companies to make its blockchain division work effectively.