Despite efforts on behalf of the social media giant to keep the project as secretive as possible, more information is coming out about Facebook’s planned cryptocurrency and its continued support of the cryptocurrency industry.
Despite efforts on behalf of the social media giant to keep the project as secretive as possible, more information is coming out about Facebook’s planned cryptocurrency and its continued support of the cryptocurrency industry.
Considering Facebook’s size and influence, one can only imagine the impact it may have as they continue to move forward and engage with the crypto and blockchain industry.
The first major news release is in regards to Facebook hiring staff of Paypal to help prepare for the upcoming launch of its token, which is rumored to possibly be released in Q3 of 2019.
Interestingly enough, the former president of PayPal, David Marcus, had been hiring a dedicated blockchain team since last year. Almost a third of the team now consists of talented members of the PayPal platform. There is also talk that Facebook is currently speaking with other financial giants such as Visa and Mastercard as it seeks to receive around $1 billion in investments and it is said that they also recently received the rights to the “Libra” trademark for the new coin.
In other news, Facebook has released a statement of their own, saying that they will be revoking their previous restrictions on Facebook advertisements that pertained to cryptocurrencies and blockchain news. That's great news for cryptocurrency businesses willing to advertise on Facebook and Instagram.
These policies prevented ads like news pieces, event announcements, and educational materials from being published on the site unless the publishers had received consent from the platform first. These restrictions were heavily criticized and as such, Facebook has loosened some of their control and have allowed certain parties to post without consent.
However, this policy still applies to those wishing to advertise a specific cryptocurrency and ads about ICOs continue to remain banned on the platform. These new policies should help to improve growth and exposure in the industry while still making sure that users who are not knowledgable about the industry are not scammed.
Considering Facebook’s size and influence, one can only imagine the impact it may have as they continue to move forward and engage with the crypto and blockchain industry.
