It was first reported last year that Facebook is developing a cryptocurrency of its own which would be backed by the U.S. dollar. Users will reportedly be able to transfer the coin to each other over WhatsApp. A new report mentions that Facebook’s plan for its stablecoin, a cryptocurrency that’s backed by an actual currency, go far beyond what was initially expected.
According to The Wall Street Journal, Facebook is working with dozens of merchants and financial institutions to garner significant support for a payments platform based on cryptocurrency which would be able to take on the likes of Apple Pay.
The report mentions that Facebook has been working on this project called Project Libra for more than a year. The design has been designed to be used for personal transfers and purchases not just on Facebook’s own platform but also on other websites. It would work like existing checkout options like PayPal which are used widely online.
It may even have a rewards program with users being awarded fractions of the stablecoin when they shop on its platform or view ads. This would most likely entice people to actually try out the stablecoin that Facebook has quietly been working on for the better part of last year.
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