Project weapons: Facebook to start a stable coin-based payment network

Facebook's long-standing stablecoin will be at the heart of a brand new payment network, according to a report in The Wall Street Journal.

Project weapons, which the blockchain initiative is called internally, will supposedly involve a stabilcoin supported by the state's currency. A source close to the situation confirmed The Block aspects of the Journal Journal, including that Facebook recruits financial firms to help with the project launch, and that the name is called Libra.

Large recordings of the report:

1. Facebook plans to launch a complete payment network (rather than just transfers) and in discussions with payment networks Visa and Mastercard, payment processors such as giant First Data as well as large e-commerce customers to support the launch.
2. Facebook seeks up to $ 1[ads1] billion in investment gathered from these companies to act as security to strengthen and return a stable coin that will be linked to the pay network.
3. A stabilcoin will exist as the currency of the payment system to eliminate credit card fees for. sellers, as well as avoiding the volatility of other cryptographic baskets such as bitcoin and ether.
4. The company is considering linking the coin to Facebook's core business engine, which rewards users for displaying ads and then buying items, similar to the loyalty points that reward work.