Click to Skip Ad
Closing in...
  1. Mattress Topper Amazon
    14:52 Deals

    35,000 Amazon shoppers gave this mattress topper 5 stars – get one for $34 today

  2. MacBook Pro 2021 Price
    16:34 Deals

    Amazon slashed $200 off Apple’s M1 MacBook Pro, or get a MacBook Air for $899

  3. Amazon Deals
    07:55 Deals

    10 deals you don’t want to miss on Saturday: Alexa in your car for $19.99, $200 Chro…

  4. Amazon Gift Card Promotion
    11:46 Deals

    How you can get $15 from Amazon right now for free

  5. Amazon Echo Auto Price
    13:16 Deals

    Add hands-free Alexa to your car for $19.99 with this Amazon deal

Facebook’s Bitcoin rival might be used to power a massive online payment system

May 3rd, 2019 at 7:53 PM
Facebook vs. Bitcoin

We’ve known for a while now that Facebook formed its own blockchain team, and several reports said the company was working on a Bitcoin-like cryptocurrency that could be used for money transfers over its chat apps, like WhatsApp and Messenger. But Facebook’s crypto plans might be a lot bigger than that. According to a new report, the company is looking to build a massive online payment system that could rival the one’s currently in place.

Facebook has been talking to “dozens of financial firms and online merchants,” The Wall Street Journal says, looking to kick-start its online payments system that would rely on a stablecoin type of cryptocurrency.

Stablecoins, unlike most digital coins, are pegged to the US dollar, which means they should not see any fluctuations in value. We don’t have an official name for Facebook’s coin, and the company isn’t ready to make any announcements, but the Journal refers to the project as Project Libra.

Facebook has been in talks with financial institutions including Visa, Mastercard and payment processor First Data as it seeks out some $1 billion in investments for the project. The company is negotiating with e-commerce companies and apps about accepting the unnamed digital currency, and these companies could also invest in Facebook’s project. Merchants would also benefit from adopting the new payment standard by not having to pay typical fees associated with credit card transactions.

Facebook is said to be toying with the idea of awarding fractions of a coin to users when they view ads and interact with content on its platforms. One other idea that’s currently being considered is to allow users to pay for a product with Facebook tokens after clicking on an ad. The retailer could then use those tokens to pay for more ads on Facebook.

Chris Smith started writing about gadgets as a hobby, and before he knew it he was sharing his views on tech stuff with readers around the world. Whenever he's not writing about gadgets he miserably fails to stay away from them, although he desperately tries. But that's not necessarily a bad thing.

Popular News