The social media giant, ‘Facebook’ joins the ‘cryptosphere’ to bring a crypto financial service in to her trio Facebook, WhatsApp and Instagram platforms. With the Facebook crypto currency, the narrative of how business is being done as usual is about to be transformed!
Though the Facebook crypto currency is no new news as the ‘cryptos’ had been around as far back as 2009 when it was introduced by Satoshi Nakamoto and has since then opened the vault for others like Bitcoin Cash, Ettherum, Litcoin and a host of others.
That notwithstanding, it is something that has great leveraging potential as more Facebook users will tend to embrace something from a platform they are already used to as there is scarcely 7 out of 10 phone users not using this platform as a means for connecting to people, businesses, and the world at large discovering new opportunities.
According to sources, the Facebook crypto currency had been codenamed ‘Libra’ while BBC claimed it to be GlobalCoin; meanwhile, Reuters, reveals that Facebook has registered a company in Switzerland called Libra Networks which will man the financial services with the blockchain integration amongst others which seem to authenticate the fact that we might just expect it to be Libra or whatever Facebook chooses to call it later on.
No doubt, this will revolutionalize the ease of business and payments as this will replace the use of hard currency and credit or debit cards thereby reducing or eliminating the associated transactions fees and changing the face of digital commerce.
The promise of volatility proof amongst others is a feature that can make it stable and strong as cryptos can be unstable with other determinants in place! Though there was a forecast on 2020 for this to come to fruition, but 18th June 2019 has been schedule for the launch, so we look forward to that anyway!