Libra Project: Facebook Stablecoin To Conquer Online Payments

The coming altcoin news today show that Facebook is reportedly working on developing its stablecoin in what’s known as the ‘Libra Project’ . The potential expansion into cryptocurrency for the dominant social media giant has been a major topic over the past few months, despite it not confirming anything beyond having a blockchain department.

However, the new details which surfaced in the latest cryptocurrency news come as a follow-up from the piece that Wall Street Journal (WSJ) published, saying that Facebook is talking to major payment networks such as Visa and MasterCard in order to raise $1 billion for its crypto project which is dubbed ‘Libra Project’ and entails a stablecoin along with a crypto-powered online payments system.

If we go a little bit back in time, we can see that Facebook has been rumored a lot for its connection with cryptocurrencies. In May 2018, Cheddar reported that the social network is “very serious” about launching its digital token and serving 2 billion users. Libra Project wasn’t even a known name at the time, but Facebook issued a statement regarding its newly established blockchain team, stating:

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”

As the new details show, the Facebook stablecoin is coming in the form of a crypto project named “Libra Project” – after the corporation acquired the rights to the “Libra” trademark as the media reports show.

The publication also argues that Facebook is planning to launch a crypto-based in-house payments system and is in major talks with financial firms, applications as well as eCommerce merchants. The social media platform has apparently approached all of them to offer its token in a way to conduct online payments and seek financial investments.

According to this, Facebook is “now aiming to burrow more deeply into the lives of its users” as WSJ and other best cryptocurrency news sites have noted. However, the Libra Project will entail a stablecoin model to ensure the absence of volatility, mostly because “bitcoin and other cryptocurrencies that aren’t backed by hard assets has hampered their usefulness in payments” (WSJ report).