On May 24, BBC reported that by the end of 2019, Facebook wants to start testing GlobalCoin. Though Facebook refused to comment on the report, they told CNN Business that they are looking at ways to make use of blockchain technology. Also, there is growing evidence that the company could break into the cryptocurrency scene soon. Facebook has invested in a blockchain company, and they have also hired experts to develop payments on its messaging platform, WhatsApp.
The rumors about Facebook CEO, Zuckerberg’s cryptocurrency ambitions have been circulating for a while now, but these rumors intensify earlier this month when Libra Networks (a new blockchain company in Switzerland) revealed that Facebook is a stakeholder. The Swiss registry shows that the fin-tech company will work on data analytics, payments, and investment activities, and they will be developing hardware and software.
The company’s CEO continually hints at this aspiration to boost the platform payment services. Recently, Zuckerberg at the F8 developer conference said sending money should be as easy as sending a picture. Also, Facebook recently announced that it would considerably increase its headcount in Dublin and London, saying the hired experts would work on WhatsApp payments.
Facebook also poached two blockchain professionals from a major crypto exchange. Jeff Cartwright and Mikheil Moucharrafie from Coinbase said they were joining Facebook to work on compliance. On its Instagram platform, Facebook has also launched a shopping feature; this makes it possible to buy and manage product orders directly on your photo sharing app.
Regulators are curious
Earlier this month, the United States Senate banking committee wrote Mark Zuckerberg a letter asking him to share information about how the rumored crypto would work, and how they would protect their user’s data. Given the strings of data scandals associated with Facebook, the privacy inquiry could become vital.