Image Credit: Invest in Blockchain
It seems like social media giant Facebook is also interested in getting into the cryptocurrency world.
According to several reports from last week, Facebook has apparently launched a new startup company in Switzerland within the financial technology sector. Known as Libra Networks, the new startup is geared to help Facebook in its goal to set up a new payments plan that involves digital currency on its social media platforms.
Although Libra Networks is not entirely a part of Facebook, the latter is one of its major stakeholders. Called “Project Libra,” Facebook is hoping that this new cryptocurrency can be used by WhatsApp users in order to send and receive money to and from each other without having to deal with a third party platform. With this, Facebook aims to facilitate an easy and safe transaction within the app.
While the news may come as a surprise, some sources are saying that Facebook has actually have been researching cryptocurrencies for about a year now. Also, over 50 engineers from the company are actually involved in this project. It may be initially launched in India where there are currently 200 million WhatsApp users as of 2019.
