It is no news that Facebook is getting set to launch its cryptocurrency, and that comes as a welcome development to the crypto community, because there is every tendency that it will be a good way to get many people to become cryptocurrency users, and thus increase the population of the crypto community. The ultimate aim of the crypto community is to push for the mainstream adoption of cryptocurrency as an alternate method of payment and transacting.
As part of its plans to have a effective operations with cryptocurrency, Facebook has gotten into partnerships with different firms, and one of them is the Mercado Libre. According to different reports, there are plans to integrate Facebook’s Globalcoin into Mercado Libre, and thus it will facilitate the ability to make payments with the Facebook cryptocurrency. One of the executives at Mercado Libre that chose to remain anonymous, has said that there is the likelihood that the platform will function as one of the nodes on Facebook’s blockchain network that will be launched soon.
Recently, we had news about the testnet being setup to check the functionalities of Facebook’s Libra system, and there are indications that it will get unveiled soon. Everything seems to be looking good for the social media giant, as they venture into the world of blockchains and cryptocurrencies. Facebook is looking to get it right this first time, hence they are taking the necessary measures to ensure that it all goes as planned. They have been gathering support from different industries and firms, to reduce the risk of flaws to the system. Some of the notable companies that they will work with include Mastercard, Visa, Uber, and PayPal among others.
According to a recent report, there has been the forming of a consortium whose duty would be to ensure that the project gets governed. Organizations like Union Square Ventures, Andreessen Horowitz, Coinbase, Mercy Corps, etc. All hands are on deck to ensure that the launch and operations are seamless, and there are indications that in the near future there will be more partnerships with top companies.
Some capital analysts like Zachary Schwartzman and Mark Mahaney are of the opinion that the stablecoin from Facebook has the ability to make headway in the crypto community, and thus unlock new revenue streams, as well as new forms of engagements within the network.
This move by Facebook will can create a plethora of opportunities, while serving as an effective bridge between the crypto world, and the none-crypto world. With the millions of subscribers on Facebook, the crypto community may just be about to experience an influx of new crypto users into the community. There is the likelihood for other social media companies to join in on the crypto trend, and if that happens, there will be many investment opportunities in the crypto community, and the value of some of the cryptocurrencies like bitcoin, ethereum, litecoin, etc. will experience a surge, and thus it will be a win-win situation for everybody.