Facebook will announce its cryptocurrency later this month
According to The Information, Facebook will announce its own cryptocurrency later this month. It is also planning on installing ATM-like machines where people can buy its cryptocurrency.
It will also allow its employees who are working on this project to receive their salary in the form of this new cryptocurrency, according to The Information’s report.theinformation.com
A year ago it appointed David Marcus, former Paypal executive, to explore blockchain opportunities for Facebook. Since then many news sources reported on the matter.
Facebook has big plans for its cryptocurrency project. Its cryptocurrency could allow users to pay for things, buy goods online, exchange money between countries and much more. Could it be the next big competitor to Amazon, banks, and other ecommerce platforms?undefined
We still have to see what exactly it will offer and how it introduce it to the aging Facebook user base. Considering people still do not completely understand how cryptocurrency and blockchain works, the highly volatile market, and different regulations in multiple markets, Facebook’s cryptocurrency could be a tough launch.
Nevertheless, if it does fare well, it could take Facebook’s business model away from its controversial dependency on advertising, and enter the realm of volatile finance.
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