Global social media giant, Facebook has reportedly discussed with Visa and Mastercard to seek financial support for its planned stablecoin, WSJ.
According to a report from The Wall Street Journal, Facebook is piloting a project called “Project Libra”, aiming at creating a finance ecosystem where its users can send money to each other and purchase online. The goal is said to be launching a payments platform using its planned stablecoin.
Various e-commerce giants have been brought to Facebook discussion to get exposure with the ideas, invest and support the planned stablecoin. The social media giant may also send users digital money for viewing ads, alongside with advertisers to accept the token for merchandise and subsequently pay for more ads with it.
Moreover, we may Facebook is planning to exclude the swipe and card processing fees, at around 2-3 percent, pay by merchants per transaction to banks and payments networks and processors.
“If it succeeds, the project threatens the card networks’ dominance over global payments,” said WSJ.
The launch of Facebook’s “secretive” cryptocurrency project has first appeared earlier this year. The firm was reportedly making progress to consult with crypto exchanges about selling a digital token that could launch as early as in the first half of the year. The token could be utilized by its Whatsapp messenger users to send funds over the messaging network instantly.
Recently, Billionaire venture capitalist Tim Draper says he is planning to meet Facebook to talk about investing in the social network’s cryptocurrency project, reported by The Crypto Sight on April 17.