NEW YORK – Following reports by the Wall Street Journal a couple days ago, more details are emerging with regards to the development of the code named “Project Libra”, or Facebook Coin for the mases.
Earlier this week, it became known that Facebbook had taken several steps forward on the creation of their own cryptocurrency, as the WSJ reported that Zuckerberg´s firm was trying to raise $1 billion to “support the value of the coin and protect it against volatility”.
Apparently, one of the main selling points for merchants are lower fees than the ones offered by most credit card payment processing providers.
With Zuckerberg having said recently that in his vision, it should be as simple and easy to send payments as it is nowadays to send a photo, it seems as if Facebook might be setting up the foundations of a pumped-up marketplace, powered by blockchain and cryptocurrencies.
The first steps in that direction are already being followed from India, where WhatsApp Pay is currently on trial, at a country where up to 80% of merchant use WhatsApp to market their goods.