Facebook is working on a global payment system based on new cryptocurrency

Facebook cryptocurrency: The Wall Street Journal reports that Facebook has been developing a global payment system for the past year that will be based on a new cryptocurrency created specifically for the occasion.

It would be used for money transfers between individuals, but also to make Internet purchases, in the manner of PayPal.

Facebook is working hard to develop a global payment system. Late last year, Bloomberg had revealed that the social networking giant was developing a stable cryptocurrency that would be transferable by WhatsApp.

But the Wall Street Journal has just published an investigation on May 2 that reveals that the project, called Libra internally, is much more ambitious.

A GLOBAL PAYMENT SYSTEM, LIKE PAYPAL

According to the WSJ, Facebook has begun to approach dozens of e-commerce companies and financial services companies to establish what it sees as a truly global payment platform of the same caliber as PayPal.

The idea would be to allow users to make transfers of funds between individuals via the services of Facebook (Messenger, WhatsApp, Instagram …) but also purchase on many websites.

The company would also think of a “reward” system that would earn users money when they view an ad or buy a product on its platform.

EXTERNAL INVESTMENTS TO GIVE THEM AN AIR OF DECENTRALIZATION

With its two billion users, Facebook could quickly impose this type of service as a reference. In an effort to decentralize (the crypto-currency core principle), he would now seek to raise $ 1 billion from external investors for the project, according to Nathaniel Popper, a New York Times journalist.

The social network has been working on the project for more than a year, but it must be emphasized that no official announcement has yet taken place on the subject. It was not mentioned at F8, the big annual Facebook conference that just ended.

Source: WSJ

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