We know that the F8 which is an annual developer conference from Facebook is taking place. Recently, we reported about the latest redesign of the Facebook website, app, as well as its logo and identity.
Also, Mark Zuckerberg said that the “future is private”. And also said that Facebook, with its redesign, is focusing more on Groups rather than its feed. Now, we have some more news regarding this recent Pivot from Facebook.
Facebook CEO, Mark Zuckerberg, already announced a new marketplace based on blockchain inside Facebook. We now have more details about this blockchain-based marketplace by Facebook thanks to the Wall Street Journal.
According to WSJ, Facebook has major plans to launch its cryptocurrency marketplace. As a part of this, the social media company is looking for potential business partners as well as online merchants and financial firms.
The report also adds that Facebook is looking for $1 billion or more in investment from their potential partners. Facebook is also planning to pitch its cryptocurrency by offering merchants lower fees than credit cards which would benefit them. This should then allow Facebook to spread its cryptocurrency more and make more and more people use its cryptocurrency.
At the F8 Developer Conference, Facebook CEO said that “I believe that it should be as easy to send money to someone as it is to send a photo,”.
This is most definitely related to Facebook’s Cryptocurrency which promises to be easier and quicker than to send money to someone. Mark also added that the core feature of his privacy-focused vision is “simple and secure payments”.
Now, we know that Facebook’s Messenger app and Venmo have the ability to transfer money. But we believe that the privacy and ease of sending money are not just related to those two apps. The report also says that Facebook coin might also be added to the Facebook ads ecosystem so that people can pay for their ads easily.