Facebook Building Cryptocurrency-Based Payments System

The Wall Street Journal is reporting that Facebook has been quietly working on a new cryptocurrency-based payments system. Dubbed Project Libra the new system will allow users to send each other digital coins as well as make purchases both on Facebook and across the internet; Facebook has talked with Visa and Mastercard as well payments processor First Data as they seek support for this project; they are also talking to e-commerce companies and apps about accepting the coin; if this project succeeds it could change the face of payments dramatically and be a major validation of cryptocurrency and blockchain-based payment systems. Source.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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