Reportedly, Facebook is planning to compete with Ripple in cross-border payments. Facebook is looking at creating its own cryptocurrency which it will provide to its billions of users around the globe to achieve hassle-free cross-border transaction and settlements.
As a result, Ripple and similar cryptocurrencies that are working on providing seamless cross-border remittance options may accept a very serious competition from Facebook development soon.
According to athereumworldnews.com, a Facebook official who pleaded anonymity disclosed to Cheddar that “They are very serious about it.”
While another executive of Facebook said that it will possibly need to make “acquisitions in the Blockchain and cryptocurrency space to develop its own virtual currency.”
The Facebook’s journey into Blockchain space began early this year when Zuckerberg, CEO at Facebook announced that it recognized cryptocurrency, which takes “power from centralized systems and put it back into people’s hand.”
Nevertheless, Zuckerberg intends looking into “the risk (cryptocurrency) being harder to control.” He stated: “I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”
After that came the recent announcement by David Marcus, head of Messenger, and an ex PayPal president and Coinbase board member, who has been an employee of Facebook for four years.
“After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch,” Marcus said in a Facebook post.
Now, Marcus is going to lead a group of Facebook employees that they will research the Blockchain technology. He has clear knowledge about cryptocurrency, being an early investor of Bitcoin, and capping it all in December 2017, when he joined the board of Coinbase.
Earlier this week, a Facebook spokesperson told Cheddar that “Like many other companies Facebook is exploring ways to leverage the power of Blockchain technology.” “This new small team will be exploring many different applications. We don’t have anything further to share.”
However, little after Zuckerberg revelation about its new-year resolution, Facebook started removing crypto-related advertisements, stating that the platform does so in order to secure unsuspecting users of being defrauded by fake Initial Coins Offerings (ICOs).