The company also plans to develop physical terminals and promote currency-accepting stores.
Facebook announces its own cryptocurrency in June 2019. It is called Libra and is aimed at “developing countries with volatile government currencies.” This was reported edition of The Information, citing sources in the company.
According to journalists, employees involved in the project can choose to pay with tokens for work instead of traditional money. Cryptocurrency will work in several Facebook products, including Messenger and WhatsApp.
In addition, the company intends to create a network of its own physical payment terminals, similar to ordinary ATMs. Facebook will also promote bonuses to stores that accept cryptocurrency for payments.
To manage a new cryptocurrency, the social network is looking for partners – they want to make an independent foundation with them. The company has collected “dozens of financial institutions and other technology companies,” which, among other things, must contribute capital to the project.
As noted at The Verge, in the event of a successful launch of a cryptocurrency Facebook can become the largest in the world – 2.3 billion people use the social network. According to journalists, the company works with governments to get the necessary permissions and creates on the recognition of fraudulent transactions.
The Information also says that Mark Zuckerberg assigned a high investment priority to the Libra project. For example, in February, Facebook hired a team from the blockchain-startup Chainspace to work on cryptocurrency.
Journalists found out that not everyone in the company is delighted with the cryptocurrency project. Facebook Operations Director Cheryl Sandberg and CFO David Weiner expressed doubts during internal discussions.
For the first time about Facebook cryptocurrency became known in May 2018. Then it was only about internal payments in the social network. In May 2019, the company registered Fintech-firm Libra Networks in Switzerland. As the BBC wrote , Facebook will launch its own cryptocurrency in 2020 and begin testing in the summer of 2019.