The social networking giant, Facebook is all set to announce a new cryptocurrency this month. Facebook CEO Mark Zuckerberg confirmed the blockchain-enabled ProjectLibra last month. The company is planning to announce a white paper of Libra cryptocurrency on June 18.
The initial launch could be limited to Facebook employees only. The employees can choose to receive cryptocurrency instead of hard cash for renumeration. The social network may open its cryptocurrency for public by 2020. Facebook is said to be launching this to provide users with online payments system without international fees or transactions.
The June 18 white paper may also reveal Facebook’s crypto play. Facebook’s blockchain team headed by former PayPal President, former Instagram Product VP Kevil Weil. Facebook may integrate the Libra token in its own products including WhatsApp, Messaging, and Instagram. Its massive user reach across the world will help Facebook create a strong business model around cryptocurrency coins.
The move coincides with Facebook’s entry in e-commerce, as the company had announced shopping features at F8 2019 developer conference. Businesses can put up their inventory on the platform and Facebook marketplace sellers can ship products through the app.
Facebook CEO Mark Zuckerberg has taken the Libra project as a high priority from an investment perspective. The company built a blockchain team by hiring from a startup called Chainspace. Reuters had reported last month that Facebook has setup a new fintech company called Libra Networks.
If the social networking firm pushes its tokens live, it will have a larger user base than any cryptocurrency ever before. Facebook has a 2.3 billion user base, but to make this cryptocurrency project work, Facebook needs to get government approvals for the token’s use.