Technology

Facebook Enters Cryptocurrency, Set For A 2020 Launch

Facebook logo with Facebook written

Facebook is a company that is marred with controversies. There is no time limit for the controversies as there are some or the other things happening with Facebook. The legal team at the tech-giant’s headquarters must be stressed out all the time, running from one court to the other. That being said, amidst all the controversies, scandals, rumors, and changes at the helm, Facebook continues to be a classic tech company.

Despite all the things going on around the company, it continues to reinvent the way people interact with each other. Recently, the company announced a new interface, a new logo, a new Facebook along with major changes to Instagram and WhatsApp. Mark Zuckerberg even confirmed WhatsApp having ads from 2020.

However, if all of this sounds absurd, Facebook is now going to enter cryptocurrency. Yes, there are no two things about this. It is as simple as it sounds. The company is going to enter the cryptocurrency career along with all the privacy issues. Recently, during the keynote, the company did not reveal a lot of things but it did answer things in its own ways.

Cryptocurrency, a way forward for Facebook

The company did not really reveal the plans of entering into the cryptocurrency field but did hint on it a couple of times. BBC, however, revealed that the company was talking to several other British companies for matters similar to this. There was a lot of news that Facebook was looking at Blockchain Technology and it was true.

The GlobalCoin is something which would enter everyone’s ears from the first quarter of 2020, according to certain sources close to BBC. There were a lot of others reporting that the company was serious about Project Libra being all about Blockchain technology. That being said, Facebook’s cryptocurrency is going to be Stablecoin.

That being said, the company has around 2 billion users on its platform which is insane. This is a major source of users and although these users are across Facebook, Instagram and WhatsApp, there is huge scope to form a synergy between the payments as well. The users come from many countries and this makes it harder for the company to accept payments. Cryptocurrency might just solve the problem.

Facebook and Zuckerberg are trying to emulate WeChat and its success in China. The company is making the right choice here as it is banned in the Asian country. However, the emulation, if executed wrongly, might be a major failure and the company needs to be wary of all the possibilities.

 

Comments (4)

  1. […] unlike Facebook’s Libra which is said to be a stable coin and will be backed by fiat currency such as the US dollar or […]

  2. […] even happen. On Thursday, France said it would block any attempt to launch or develop the firm’s Libra cryptocurrency. The French finance minister, Bruno Le Maire, said plans for Libra could not move ahead until […]

  3. […] decision comes as the embattled project continues to face queries from regulators around the world. Libra and its digital wallet Calibra were revealed by Facebook in June. PayPal made the announcement in a statement on Friday but did […]

  4. […] is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be […]

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