RATE Group | Facebook Still Wants a Piece of the Cryptocurrency Market
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Facebook Still Wants a Piece of the Cryptocurrency Market

21 Apr Facebook Still Wants a Piece of the Cryptocurrency Market

Posted at 02:05h in Cryptocurrency News by

Last year, Facebook (NASDAQ:FB) assembled a consortium of companies to create an open-source cryptocurrency called Libra. Facebook planned to offer Libra as a payment option in a digital wallet called Calibra, then integrate those payments into Messenger and WhatsApp.

But shortly afterwards, leading members of the consortium — including Visa, Mastercard, and PayPal (NASDAQ:PYPL) — abandoned Libra after government regulators expressed concerns about money laundering, tax evasion, and other illegal transactions. Critics also argued that Facebook’s spotty track record with privacy and security issues made it an unsafe platform for financial transactions.

A woman uses a payment app on a smartphone.

Image source: Getty Images.

For a while, it seemed like Facebook would abandon Libra. However, the Libra consortium recently revised its plans to…

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