We’ve heard rumors regarding Facebook working on their own cryptocurrency and it seems they were actually true. Facebook refusing partnerships and banning crypto on their platforms, were all actions to keep the competitors away.
Facebook is the most used social media platform dating from 2003. It started under the name FaceMash and later on, in 2004, its founder Mark Zuckerberg changed platform’s name to TheFacebook. The social media platform has around 2.4b monthly active users and is currently evaluated at $558b. Facebook joining the crypto space is a huge step towards adoption.
What is Facebook working on?
Facebook is working on its own crypto-payment system called Libra (for 1 year now), which will be used on their platforms. The coin/token will be pegged to the US Dollar and holders will be able to use the currency in the same way as any other cryptocurrencies. We don’t know anything regarding the technology at the moment of writing this article; however, I suspect it will have privacy features because Mark said, on the F8 2019 Developers Conference, that the dev teams will be focusing on Privacy on their platforms.
Facebook is currently raising $1b funding and the project Libra could bring a 100x opportunity to Facebook Stock, says Thomas Lee, co-founder of Fundstrat Global:
This news had a great impact on the crypto space already, resulting in a nice surge on the charts.