Facebook’s “Project Libra” Seeks Out Payment and E-Commerce Partners to Prepare Stablecoin
- Facebook’s alleged stablecoin initiative has been dubbed “Project Libra.”
- Facebook is recruiting partnerships with payment processors and other leaders in the remittance industry.
Facebook has been keeping their progress on blockchain tech and the creation of a stablecoin relatively quiet. Making no official annoucement, job postings online make it clear that the company has been building up a team to prepare their own project in the crypto world somehow. Reports from the Wall Street Journal indicate that the new payments network from Facebook will surround the long-rumored launch of a stablecoin.
Facebook Building Cryptocurrency-Based Payments System https://t.co/xGDlyhDHnZ
— Barry Silbert (@barrysilbert) May 3, 2019
Within the walls of the Facebook blockchain offices, this initiative is being referred to as Project Libra, according to The Block. The project appears as though it will be launching a government-backed stablecoin, according to WSJ. Though The Block spoke with a source that is close to the circumstances, they were only able to confirm certain aspects of the report from WSJ, which included Facebook’s reference name to the initiative and that they are working towards launching with the help of financial firms.
Based on what The Block was able to confirm with the source, Facebook seems to be planning the launch of a full payments network, rather on zeroing in on remittances alone. Facebook allegedly has already spoke with Visa and Mastercard, among others, to support the launch. From the involved firms, Facebook is reportedly looking to bring in $1 billion in investments, which will back the stablecoin that they launch. Launching a stablecoin allows Facebook to avoid the typical volatility associated with the crypto market.
The WSJ also stated that Facebook may be connecting the stablecoin with the core ads engine. This connection would ensure that users receive rewards for the time they take to view ads and make purchases. This program would mimic the loyalty programs already in place with other platforms as well.