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Facebook is all set to start its own Cryptocurrency

Facebook is all set to start its own Cryptocurrency

As per the Wall Street Journal reports, Facebook is now coming up with their new secretive blockchain project. And it sounds like that there are many big backers for its cryptocurrency. Reports say that according to the Silicon Valley technology there is a lot of high-profile financial firms which are enlisted in this including Uber, Stripe, Visa, MasterCard and they will be the back for its cryptocurrency each will invest $10 for the development of the currency.

There is a particular team of Facebook employees who are working on this application from so long for blockchain. And now as per various reports, they have announced Libra Association recently. According to some reports, it will be used as an independent digital currency of Facebook.

Major firms are investing in it, and WSJ reports say that these companies are investing to know about Facebook’s payment targets, and get the benefit of the popularity of the currency.

Moreover, they planned to send money through Facebook’s product like Messenger and WhatsApp and attract the users of several countries. Facebook also hopes that their partnership with the e-commerce firms will give them a benefit by allowing the user to spend the currency online. They are looking to develop the ATM-like physical connections for the people to those who want to convert their money to Libra.

While launching this cryptocurrency, they have to overcome with so many hurdles like fraud and money laundering. Facebook now set to start it and before that, they met with the Mark Carney the bank of England governor for the discussion on currency’s opportunities and risk also the US Treasury and some money transfer firms like Western Union. And the last thing that the coin will be expected to function as a “stablecoin.”