Tuesday, August 20, 2019

Facebook Users To Get Rewards Via Its Cryptocurrency Payment Service

From all indications, nothing will hinder the launch of Facebook’s new cryptocurrency. The Social Media company is already in advanced talks with several financial firms and e-commerce companies to aid its vision of a crypto payments system.

FaceCoin: The Likely New Cryptocurrency

The Facebook planned cryptocurrency has been in the news since last year, generating a lot of talks as well as interest within the crypto community. In certain quarters, the cryptocurrency has been named “FaceCoin” and according to reports will be blockchain-based. In addition, the digital currency will function as a “stablecoin.” Stablecoins are digital assets created to reduce volatility to the barest minimum. FaceCoin has been pegged to the U.S Dollar.

The proposed launch of Facebook’s cryptocurrency has featured on the Wall Street Journal, making it all the more authentic. According to the WSJ, Facebook is working towards the launch of a full payments network that will have the support of various financial companies that will accept the new cryptocurrency, FaceCoin. Facebook is currently in heavy talks with these companies in order to secure their partnerships, as reported by the WSJ.

Facebook will be needing investments amounting to $1 billion from these firms to serve as collateral for FaceCoin, the cryptocurrency associated with the payments network.

Incentives For Facebook Users

A number of companies have been brought into talks with Facebook concerning the project, which is also known as Project Libra; some of them include MasterCard and Visa. Also part of the project is the plan to unveil a digital currency which Whatsapp users, a Facebook messaging service, can use to make money transfers among themselves.

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Sources have it that Facebook is considering the idea of rewarding its users with portions of FaceCoin as they view ads. Also, Facebook might be leaning towards the idea of embedding its payment system into third-party websites and apps.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” said a company spokesman in a statement last December. “This new small team is exploring many different applications. We don’t have anything further to share.”

Facebook Plans For A Future Of Private Commerce

The importance of payments and private commerce to the CEO of Facebook, Mark Zuckerberg cannot be overemphasized as he has continued to hammer on its vital role in Facebook’s future. Zuckerberg believes and has stated that e-commerce will attract more brands to invest in advertisers once it features on its various apps.

A managing partner of YGC and former Facebook employee, Henry Liu had this to say on the development:

“Payments and commerce are Facebook’s only way out from its freemium, advertisement business model.”

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