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According to ARK Invest reporting from the NYTimes, Facebook is going to launch a Facebook cryptocurrency in the next few months.
Back in December 2017 I pondered this as a probable outcome in the evolution of digital assets, in light of all the money being made in crypto…
Why Does Facebook Want A Cryptocurrency?
With 1.5 billion users it seems that Facebook’s interest in a new “stablecoin” concept maybe will pursue the huge $500 billion per year remittances market to help people make payments to each other.
Facebook’s WhatsApp product is used worldwide by hundreds of millions of people to communicate with each other.
Or maybe Facebook wants a cryptocurrency to compete with banks in the multi-trillion dollar swift financial messaging system.
Facebook has been interested in user financial and banking data for a long time…
You may recall that back in the summer of 2018, as reported by the Wall Street Journal, Facebook was trying to get banks to share personal transaction data with Facebook.
With data on millions or billions of financial transactions through a cryptocurrency network running on a blockchain, Facebook could also argue that it’s impossible for it to ever delete personal data because it’s on a blockchain. Even if the blockchain is private, Facebook could argue that deleting records from its blockchain could compromise the blockchain’s integrity… This would give Facebook plausible deniability in the war against it hoarding personal data.
Who knows if it will be successful, but if the Facebook cryptocurrency or stablecoin can be easily converted to cash or a local currency, with few or no fees, this could provide Facebook not only with additional revenue from transactions but also a lot of data that Facebook wants on purchases… Leading to greater opportunities to sell targeted ads.