Facebook Runs into Issues with Blockchain Project

There was some fanfare late last week when reports came out about Facebook securing partners for their blockchain based Libra project; Coindesk reports the social media giant has also run into a number of issues surrounding data usage; the publication also said the company has a long way to go until it can be used and that testing would not begin until early 2020; Facebook’s plan is to connect users’ financial data to their Facebook profile, store the data one Facebook databases and connect with external payment processors like Mastercard; how they are storing data has turned potential partners away from the project; Facebook has also been rumored to be throwing a lot of money at talent with million dollar pay packages in a bid to get the best minds working on Libra. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!

[class^="wpforms-"]
[class^="wpforms-"]