Facebucks Arrive in Crypto 💳
Facebucks Arrive in Crypto
Codenamed “Libre,” a new cryptocurrency may be on its way. Facebook is the muscle behind it, with billionaire CEO Zuckerberg believing “it should be as easy to send money to someone as it is to send a photo.” This could be big!
The digital currency will be supported on Messenger and WhatsApp, possibly being bought in fractions at physical cash-points. It’s also rumored to be anchored to traditional currencies, to ward off volatility. Michael Moro, CEO of Genesis Global Trading, doesn’t believe the new money would compete with the likes of bitcoin, which has now carved a niche as more of a “digital gold.” The two blockchain technologies would be “serving two different purposes” according to Moro, and the news is about to get even better for bitcoin and cashless bulls. Facebook’s entrance to this space isn’t a lone punt with over 12 companies involved from Visa, to Uber, to PayPal. Fortune 500 endorsement could convince some of the most prominent financial institutions to stamp the seal of approval on digital currencies finally. As yet, the technology has found it difficult to shake off a “criminal” image.
A year ago today, Facebook was wading through its own controversies as the brand took blows from all directions. Investors know all too well how accusations over privacy, data breaches, and election meddling plagued the tech giant. It’s since worked on patching up the reputational damage, long-term investors now with a renewed belief in the core social network business. Facebook now may be fending off a government break-up, but the company doesn’t stand still. Over 100 people are working on developing “Libre,” led by David Marcus, formerly of PayPal. Question is, will Facebook have a brand trusted enough to legitimize crypto for everyone?