We all know what boom cryptocurrency created across the world in the year 2018. The social media giant, Facebook, is developing cryptocurrency in Switzerland. According to a report in CNBC quoting the Swiss media house Handelszeitung, Facebook will be trying its cryptocurrency to the US Dollar which would make it stable, unlike the crash we saw of Bitcoin.
The report stated that,
Facebook set up Libra Networks in Geneva several weeks ago. Libra is the social network’s internal project name for the digital currency.
Moreover, the Swiss company has been given the task to develop the software and the hardware for the cryptocurrency that Facebook is developing. The hardware would be related to payments, blockchain, analytics, big data, and identity management.
In a recent report by the New York Times, it stated that Facebook had a team of around 50 members working on its virtual currency project. Also, in a public interview with Harvard professor Jonathan Zittrain, Facebook CEO Mark Zuckerberg said that he is “potentially interested” in integrating Facebook login on the Blockchain technology.
He stated that;
I’m thinking about going back to decentralised or Blockchain authentication. Although I haven’t figured out a way to make this work out but this is around authentication and basically granting access to your information and to different services.
Facebook has yet declined to comment on this recent development. According to a report in The Wall Street Journal, “the social media giant is recruiting dozens of financial firms and online merchants” to develop the cryptocurrency-based system that would use a digital coin which will be similar to the Bitcoin.
Moreover, this would be a huge step in the financial sector by Facebook as it has a huge user base of 2.3 billion people. We will have to wait till the official statement is released by the Social Media Giant, Facebook.