Very soon, you may be able to pay for Facebook™ ads with a proprietary digital coin developed by the social media network. That’s right, the Facebook™ Team has been working for some time now on creating its own cryptocurrency. The latest information obtained by the media indicates that the Facebook™ token will be launched as soon as the 18th of June.
Project Libra: Why Does Facebook™ Want to Have Its Own Crypto?
Looking at the evolution of Facebook™, it is clear that the company wants to be a part of every technology that is trendy, with a stable future and able to influence people’s lives. They acquired Instagram when it was clear that people love to share photos, and they acquired WhatsApp when they noticed that people are keen on keeping their private conversation private.
The same goes for Oculus – the company that produces virtual reality headsets and this was followed by constant developments and additions of virtual and augmented reality on its platforms – from special Instagram filters to AR ads.
Most recently, Facebook™ made it clear that it wants its users to be able to shop directly from its platforms. Now we have Facebook™ Shop, Facebook™ Marketplace and, most recently, shoppable posts of Instagram. The next step is quite logical: all these purchases should be made with a native Facebook™ currency – the Libra digital token.
What Do We Know About the Libra Facebook™ Cryptocurrency?
If you have been following tech and social media news, you may have already heard about this project under different names: GlobalCoin or FaceCoin. Also, the idea of a social media network becoming a payment provider is not new: WeChat has already done this in China and it was a success.
It may be likely that the Facebook™ Team has waited until the business model was confirmed by the success of WeChat token. As for the Libra token, it will be launched as a stablecoin. This means that its value will not fluctuate, as it happens, for instance, with Bitcoin, which reached an all-time high value of US $20,000 then dropped as low as US $3,000.
The stablecoin is being developed by Facebook™’s blockchain division, headed by the former President of PayPal David Marcus. This division has already discussed with various financial institutions to create a pool of US $1 billion of various international currencies and low-risk securities to guarantee the stability of the Libra crypto price.
What Will Users Be Able to Do with the Facebook™ Cryptocurrency
From what is known right now, Facebook™ will launch the Libra cryptocurrency in India and the social media platform plans to actively target areas where the national currencies are weak and subject to major fluctuations in value.
Individual users will be able to transfer funds with zero fees using the Messenger app and various other platforms within the Facebook™ ecosystem which will prove a very useful financial option for remittances (sending money back home), and this is something that takes place very frequently in India.
In time, however, the Facebook™ cryptocurrency may become the primary form of payment for Facebook™ Shop, Marketplace and, why not, for ad accounts. For you, as a marketer or business owner, this may prove beneficial.
A Universal Currency for Facebook™ Purchases
For one, you will be able to monitor the evolution of costs in a more consistent manner. While the US dollar and the European Euro are the leading currencies, people from other countries, including Australia are left with doubts when it comes to exchange rates.
With a universal Facebook™ cryptocurrency, everyone deals with the same numbers and values. For smaller companies, it may well represent a boost in competitiveness and the ability to place better bids for Facebook™ ads.
For now, these are speculations, albeit based on reasoning derived from the trail record of Facebook™ and its product launches. We will have to wait and see what happens on the 18th of June and how many of these predictions will come true.