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Facebook’s “Project Libra” turns to Visa and Mastercard to help revolutionise payments

Facebook is reportedly in talks with both Visa and Mastercard as they continue development on their own cryptocurrency. The stablecoin project labelled internally as “Project Libra” is being designed to enable Facebook users to send money to each other, potentially via messaging platform WhatsApp. It may also be used for various online purchases.

They are currently looking to raise around $1bn as fiat backing for the coin. Facebook’s blockchain division is growing, with over 20 positions directly linked to blockchain already in existence, while still very much in its infancy.

although specific details of the overall project are still yet to be officially unveiled, it is thought that Facebook will be looking at targetting the extremely lucrative e-commerce sector, in addition to making day to day money transfer between people much easier. This could also have a significant effect on card providers, eliminating their usual fees to merchants. What is clear, should the project go ahead as planned, it may be the one. if not the most significant real-world use case of cryptocurrency to date.

Facebook image licensed via Shutterstock

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