Facebook’s Secret Cryptocurrency Led by PayPal Alumni Just ‘Months Away’ from India Launch

Facebook’s Secret Cryptocurrency Led by PayPal Alumni Just ‘Months Away’ from India Launch 1

By CCN: Facebook’s much-hyped cryptocurrency project, dubbed Project Libra, may launch in India within a matter of months, according to a Bloomberg report. The secretive blockchain project, led by a team of PayPal alumni, is expected to launch a stablecoin for sending peer-to-peer payments to friends and family as well as integrating with major e-commerce players.

Famed investor Mike Novogratz this week called Facebook’s looming service “stunningly important” to the crypto space. If executed correctly, he said, Facebook’s payment service will be a “big, big deal” and lend credibility to cryptocurrencies.

Facebook cryptocurrency: launching in India?

Facebook hinted at its plans to launch in India back in December. Early reports suggest Zuckerberg’s cryptocurrency will facilitate overseas remittance payments for Indian WhatsApp users. The cryptocurrency is expected to be a “stablecoin” pegged to the value of local currency.

Facebook has since used India as a testing ground with the beta-launch of WhatsApp Pay in the region.

Some of India’s 200 million WhatsApp users can now activate a “payments” option, send peer-to-peer payments, and link up their bank accounts. Although we should point out this service does not yet tap blockchain technology. 

Facebook is “Stunningly important” to crypto industry

Billionaire investor and head of crypto merchant bank Mike Novogratz this week called Facebook’s plans “stunningly important.”

“I think it’s a stunningly important thing. I think it’s a good thing for the entire space… You’ve got one of the largest companies in the world saying ‘we believe in cryptocurrency’”

Novogratz said that Facebook presence in the space will give the ecosystem a new level of credibility. He claims it will give institutional investors the confidence to get off the sidelines and invest in digital assets.

“It’s not going to be small. To me it’s a step function of credentialization and credibility.”

Although he pointed out that Facebook’s impact relies on adopting a decentralized model, rather than a centralized payments service.

Double or triple the crypto user base?

Novogratz’s comments were echoed by Blockchain Capital’s Spencer Bogart. As CCN reported this week, Bogart believes Facebook’s crypto plans will double or triple the number of people using digital assets.

“Once they own [Facebook Coin], it will be like being on the internet so people can spin-out and start owning bitcoin, ethereum […] But the most important thing is that it is going to lit the fire in the pants of every major fintech and financial institution in the US.”

Bogart also claims Facebook Coin will act as a catalyst for other companies to develop blockchain solutions.

Peer-to-peer payments?

Zuckerberg said at this month’s developer conference that sending payments should be as easy as sending a photo. It’s the strongest hint yet that Facebook is going all-in on peer-to-peer payments:

“I believe that it should be as easy to send money to someone as it is to send a photo.”

The sheer volume of former PayPal employees working on the Facebook Coin project should also give a strong clue about the future trajectory. Not only is the project led by former PayPal president David Marcus, but a fifth of facebook’s blockchain team are PayPal alumni.

The payment project is expanding rapidly, with Facebook also hiring 100 new employees for its London base, the hub of fintech innovation.



About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 63,283.00
ethereum
Ethereum (ETH) $ 4,216.09
binance-coin
Binance Coin (BNB) $ 486.83
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.17
solana
Solana (SOL) $ 212.59
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 44.53
dogecoin
Dogecoin (DOGE) $ 0.263397
usd-coin
USD Coin (USDC) $ 1.01
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 63,283.00
ethereumEthereum (ETH)
$ 4,216.09
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 626.64
litecoinLitecoin (LTC)
$ 195.84
bitcoinBitcoin (BTC)
54.335,04
ethereumEthereum (ETH)
3.619,95
tetherTether (USDT)
0,858604
bitcoin-cashBitcoin Cash (BCH)
538,04
litecoinLitecoin (LTC)
168,15
bitcoinBitcoin (BTC)
45,990.54
ethereumEthereum (ETH)
3,064.02
tetherTether (USDT)
0.726744
bitcoin-cashBitcoin Cash (BCH)
455.41
litecoinLitecoin (LTC)
142.33

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin63,309 0.25 % 4.45 % 2.80 %
Ethereum4,218.4 0.43 % 4.81 % 9.45 %
Binance Coin486.42 0.04 % 2.79 % 3.36 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.160 0.08 % 2.33 % 0.28 %
Solana213.00 0.18 % 11.80 % 33.24 %
XRP1.100 0.33 % 2.32 % 0.49 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2632 0.11 % 0.12 % 10.63 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 63,283.00
ethereum
Ethereum (ETH) $ 4,216.09
binance-coin
Binance Coin (BNB) $ 486.83
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.17
solana
Solana (SOL) $ 212.59
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 44.53
dogecoin
Dogecoin (DOGE) $ 0.263397
usd-coin
USD Coin (USDC) $ 1.01