The latest cryptocurrency news show that Facebook is working with one South American online marketplace named Mercado Libre while developing its upcoming Libra cryptocurrency project. According to a cryptocurrency news website and its reports on June 14, the two firms are working alongside in pushing the Libra into life and giving the crypto community its much-expected project.
According to the news outlet, an executive from the South American online marketplace Mercado Libre said that the purported cryptocurrency is apparently going to be integrated in the e-commerce platform as a form of payment. Even though the anonymous executive confirmed the partnership, there is no statement by Facebook in the altcoin news with details on the case.
The executive also said that it was likely that the company could operate as a node in Facebook’s forthcoming blockchain network. Right now, Mercado Libre is one of the most popular South American online marketplace websites and e-commerce platforms in South America with operations in 19 countries.
As another recent report shows, the testnet for Facebook’s Libra platform is to be unveiled later this week. The platform has reportedly gathered support from dozens of firms such as Mastercard, Visa, Uber and PayPal.
Another report by The Block shared by many best cryptocurrency news sites stated that a consortium has been formed to govern the project. This consortium, will apparently include organizations such as venture capital firms including Andreessen Horowitz and Union Square Ventures, the crypto exchange Coinbase as well as non-profit organizations including Mercy Corps.
A while ago, an RBC Capital analyst named Mark Mahaney and Zachary Schwartzman said that Facebook’s Libra stablecoin is going to be one of the most significant events in the company’s history. According to him, the project would “unlock new engagement and revenue streams.”
The South American online marketplace Mercado Libre has about 4,000 employees and is right now the most popular e-commerce site in Latin America in terms of its number of visitors. However, the executive has asked not to be identified and could not say with certainty about the news. Still, he admitted that “it is very likely that yes” and noted that negotiations have been made directly by the first step of the company.
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