Facebook negotiates with companies including Visa and Mastercard in order to fund and develop the ecosystem for its fiat-backed stablecoin. The social media giant is in talks with multiple companies as we noted in our latest cryptocurrency news because of the growing interest in developing a cryptocurrency.
According to the report from the Wall Street Journal, people who are familiar with the issue say that Facebook negotiates for over a year now to launch the company’s stablecoin-based payments platform. The initial effort is internally called ‘’Project Libra’’ and is aimed to develop the cryptocurrency that enables the company’s billions of users to send money and to make online purchases.
Despite Visa and Mastercard, Facebook negotiates with other financial services providers including First Data Corp in order to raise about $1billion as collateral for the stablecoin in order to buffer it against volatility. The social media giant is discussing with e-commerce companies as well in order to raise funds and to gain support for the planned stablecoin. Facebook may also pay its users in digital currency for viewing ads and will allow the advertisers to accept the tokens for merchandise.
The social media giant is aiming to eliminate the card processing fees as well by up to 3 percent, paid by merchants for each transaction to banks and payment processors. The WSJ report states:
“If it succeeds, the project threatens the card networks’ dominance over global payments.’’
In December 2018, the report reads that the social media giant might be focusing on the Indian market in order to let users transfer their money via the fiat-backed cryptocurrency in WhatsApp which is the messaging app that FB acquired in 2014 as it was reported in the coming altcoin news.
Ross Sandler, a Barclays analyst estimated that the cryptocurrency project of the social media giant could yield up to $3 billion to $19 billion in revenue by 2021. The company created its blockchain division back in May 2018 to further explore the technology.
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However, since then, Facebook is expanding its blockchain team and has about 22 open positions related to blockchain including data engineers, legal experts, and marketing managers.
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