Facebook’s upcoming cryptocurrency has been attracting a lot of press coverage in recent days. There have been rumors that it is coming soon, and it’s going to be launched in India before anywhere else. Now, however, something unprecedented and unexpected has happened. Facebook founder and CEO Mark Zuckerberg himself has confirmed in a toned down manner that the social network giant is going to launch a payment network.
That’s true. While usually it doesn’t happen, this time Facebook boss himself has confirmed a product under development. In a blog post published recently he revealed how he plans to shape the business of Facebook for a more a privacy-focused future. And private payments are also a part of that plan. He said that in future a privacy-focused communications platform will be more important than today’s “open platforms”, and that communications platform may later open the way for private payments, private commerce and many other types of private interactions. Have a look at what he said:
“I believe the future of communication will increasingly shift to private, encrypted services where people can be confident what they say to each other stays secure and their messages and content won’t stick around forever. This is the future I hope we will help bring about. We plan to build this the way we’ve developed WhatsApp: focus on the most fundamental and private use case—messaging—make it as secure as possible, and then build more ways for people to interact on top of that, including calls, video chats, groups, stories, businesses, payments, commerce, and ultimately a platform for many other kinds of private services.”
What this means is that Facebook may work on monetizing WhatsApp with this private payments functionality. That is the need of the hour for $500 billion giant, mainly because the company has till date been unable to monetize the user base on WhatsApp. And monetizing WhatsApp is very important because it was purchased by the firm for a hefty $19 billion!
So… will the next bull run in crypto space be sparked by the entry of Facebook? Or will the entry and domination of a centralized authority have a negative impact on the market? We don’t have an answer to these questions yet, but still, it will be interesting to try this crypto being built by Facebook. Let’s see when and how is it launched.