Facebook steablocoin will form the basis of a new payment network

Facebook steablocoin will form the basis of a new payment network

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Facebook steablocoin will form the basis of a new payment network Steablocoin developed by Facebook will form the basis of a completely new payment network, The Wall Street Journal reports.

According to the publication, Facebook’s blockchain initiative called Project Libra implies the creation of a “stable coin” provided with fiat currencies. A source familiar with the situation told The Block that the social network turned to various financial companies to support this project.

It is important to note that Facebook plans to launch a full-fledged payment network, and not just a tool for making payments. Currently, the company is negotiating with the payment networks Visa and Mastercard and processing, including First Data, as well as major players in the field of electronic commerce.

Facebook is confident that the new coin will reduce the fees inherent in traditional means of payment, and also help to avoid excessive volatility inherent in many cryptocurrencies. Stablecoin can be involved in the social network advertising system.

For example, users may receive remuneration for viewing advertisements, purchasing goods, etc. Previously, ForkLog reported that Facebook intends to raise about $ 1 billion from investors to secure its stablecock.

Facebook steablocoin will form the basis of a new payment network

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