TheWall Street Journal (WSJ) reported on May 3 that, Facebook is on the way for investments worth $1 billion for its alleged cryptocurrency for payment. If anything, it’s hard to say exactly what is being planned, but some proprietary stable coins seem to be working.
The social media giant cryptocurrency-based payment system can be launched by billions of users around the world. According to the publication, the platform is currently talking to major payment networks Visa and MasterCard about possible support, in support with payment processor First Data Corp.
The accounts are rough, but a token designed to absorb the notorious price unpredictability is at least part of the deal”, the Wall Street Journal Journal claims. It is widely followed by reports that companies are always looking for financial services and businesses to help eventually launch such a product.
“Facebook is also talking to e-commerce companies and apps about accepting the coin, and would seek smaller financial investments from those partners, one of the people said,” the WSJ added.
The system would use a digital piece similar to Bitcoin, but different in that Facebook would aim to maintain the value of the stable piece. Bitcoins and similar crypto-currencies have been subject to large fluctuations in value.
Cryptocurrencies, on the other hand, are susceptible to very significant fluctuations in value. This system could endanger credit cards because it would not impose the commissions that the latter have instead.
Any type of in-app purchase mechanism does make some users affirmative. The number of people interacting with the platform on a regular basis reaches about one billion. If only one-fifth of the people have experimented, then 200 million people will come into contact with the facebook cryptocurrency.
According to the WSJ report, Facebook is recruiting dozens of financial companies and online stores to launch the network. The social network could also develop a method to entice users to use the new feature.
The social media platform have not confirmed the new and only says that it is exploring many different applications for cryptocurrency technology.