Facebook's Secretive Cryptocurrency Payment System is apparently code name & # 39; Project Libra & # 39;

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Facebookcoin, or whatever we call it, is as previous reports that such a project was on Once, Wall Street Journal, with sources familiar with the case, reported on Thursday that Facebook has been in talks with "dozens" of financial groups about the super-secret crypto-course initiative, apparently codenamed "Project Libra". Take that information anyway.

According to the Journal, the Facebook project sees as a way to further integrate into the lives of its users – no surprise there – by developing a coin that can be used on Facebook and over the internet as simple as users use Facebook credentials as sign-in information for others websites and services. Not surprisingly, because this is Facebook, the company gradually looks at ways to link the project to ads:

An idea considered is that users can click ads to purchase a product and pay with Facebook tokens that the reseller could then recycle. To pay for more ads, one person said. Facebook rolled out a similar feature when using dollars and traditional card payments – on Instagram, which it owns in March.

Facebook has reportedly faced Visa, Mastercard and other financial firms on the project, and hopes to secure about $ 1 billion investment, as the journal's sources said, is supposed to support the value of the coin and protect it from the crypto competition volatility standard.

"Like many other companies, Facebook is exploring ways of harnessing the power of blocking technology," a Gizmodo spokesperson said via e-mail, and recited a statement the company had previously made about the project. "This new layer explores many different applications. We have nothing more to share."

Bloomberg reported earlier in December that Facebook was developing a crypto competition for its subsidiary WhatsApp, and the New York Times reported in February that Facebook had encountered encryption exchange. about their plans for coins.

Last May, Recode reported that Facebook had assembled a blockchain division and moved several business executives to the project, including David Marcus, who had led the Messenger team before the shift. When he signed up to leave that division in a Facebook post at that time, Marcus wrote that he would be "setting up a small group to explore how to best utilize Blockchain on Facebook, from the beginning."

In January last year Mark Zuckerberg wrote on Facebook that he was "interested in deeper and studying the positive and negative aspects of the [encryption and cryptocurrency] technologies and how the best can be used in our services." Interestingly, his site just a few weeks later banned ads that promoted "financial products and services often associated with deceptive or misleading marketing practices," including binary options, introductory coins, and you guessed it-cryptocurrency.

I'm sure this will be fine. All other things that Facebook has done have gone well.

Updated with comment from Facebook.

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