Facebook is reported to announce its cryptocurrency project this month. This allows employees of the social media giant to receive a part of their salary in the crypto currency.
Facebook is also going to spend currency via payment machines
The CNBC news platform further explains, referring to a report by “The Information” that Facebook intends to hand over control over the crypto currency to external parties.
In this way, the social media platform ensures that the digital currency will not be fully centralized.
The external organizations will have to pay up to $ 10 million dollars to be used as a node to validate payments on the Facebook network.
According to The Information, the stablecoin will not only be integrated as a payment method on WhatsApp, Messenger and Instagram, but the currency will also be accessible via physical machines similar to payment machines.
Facebook can give crypto world a big boost
Facebook’s cryptocurrency project has been the subject of speculation for months.
This is because the company revealed nothing about the project.
Earlier the Commodity Futures Trading Commission (CFTC) was in discussion with Facebook about the upcoming crypto currency.
Facebook also registered the Libra trademark in May.
It was registered as a fintech company in Geneva.
According to experts, launching your own crypto coin can generate Facebook a lot of money.
This is because a whole new revenue model is being added to advertisements.
In addition, it will also be able to shake up the crypto world considerably.
A big player like Facebook brings a lot of attention to the world of digital coins.