As The Wall Street Journal reports, Facebook has been in talks with dozens of financial firms and e-commerce companies to support a cryptocurrency payment service that it is developing. The effort is known internally as Project Libra. One idea under consideration is rewarding Facebook users with fractions of the digital currency in exchange for looking at advertisements, the report says.
The project would include a digital currency, underpinned by blockchain technology and pegged to the U.S. dollar, which users of Facebook’s WhatsApp messaging service could use to send money to one another, according to the Journal and a December report by Bloomberg.
“Payments and commerce are Facebook’s only way out from its freemium, advertisement business model,” said Henry Liu, a former Facebook employee and managing partner of YGC, an enterprise blockchain investment firm.
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