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Facebook Building its Cryptocurrency in Switzerland: Report

Facebook has over 2.38 billion users globally and launching cryptocurrency will allow them make payments using a virtual currency like Bitcoin

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FILE - A 3D printed Facebook logo is seen in front of a displayed Russian flag in this photo illustration, Aug. 3, 2018. VOA

Giving its cryptocurrency dream a firm beginning, Facebook has reportedly set up a company called Libra Networks in Switzerland that is developing payments and Blockchain systems for the social networking giant.

According to a report in CNET quoting Swiss publication Handelszeitung, the Facebook cyrptocurrency would be tied to the US dollar and could, therefore, remain stable unlike Bitcoin which has crashed.

“Facebook set up Libra Networks in Geneva several weeks ago. Libra is the social network’s internal project name for the digital currency,” the report said late on Saturday.

The Swiss company would focus on developing the software and hardware for currency-related functions like payments, Blockchain, analytics, big data and identity management.

Facebook declined to comment on the new report.

According to a report in The Wall Street Journal earlier this month, the social media giant is “recruiting dozens of financial firms and online merchants” towards its cryptocurrency-based system that would use a digital coin similar to Bitcoin.

virtual currencies, bitcoin, investors
Bitcoin.com buttons are seen displayed on the floor of the Consensus 2018 blockchain technology conference in New York City, New York. VOA

The New York Times reported in February that Facebook had a team of 50 people working on its virtual currency project.

“Like many other companies, Facebook is exploring ways to leverage the power of Blockchain technology,” Facebook had insisted.

In a public interview with Harvard Law professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he is “potentially interested” in putting the Facebook login on the Blockchain technology.

Also Read- Chinese Shout ‘Boycott Apple’ as US Goes After Huawei

“I’m thinking about going back to decentralised or Blockchain authentication. Although I haven’t figured out a way to make this work out but this is around authentication and basically granting access to your information and to different services,” Zuckerberg told Zittrain.

According to Zuckerberg, Blockchain could give users more powers when granting data access to third-party apps.

Facebook has over 2.38 billion users globally and launching cryptocurrency will allow them make payments using a virtual currency like Bitcoin. (IANS)

Next Story

Facebook Ready to Launch a Dedicated News Tab on its Platform

Zuckerberg last week stressed that his platform has now become a 'Fifth Estate' in the world alongside traditional news media and people no longer have to rely on traditional gatekeepers in politics or media to make their voices heard

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Corporate, America, Climate Change
FILE - In this April 30, 2019, file photo, Facebook stickers are laid out on a table at F8, Facebook's developer conference in San Jose, Calif. The Boston-based renewable energy developer Longroad Energy announced in May that Facebook is building a… VOA

Calling itself a ‘Fifth Estate’, Facebook has reportedly entered into deals with prominent media houses to launch a dedicated news tab on its platform.

According to the Wall Street Journal, publications like News Corp, Dow Jones, New York Post, the Washington Post and others will help the social networking platform ramp up its ambition to become a news player.

“The New York Times has been in talks with Facebook, but a spokeswoman for the paper declined to comment on whether it had reached a deal,” the report said on Sunday.

Facebook CEO Mark Zuckerberg spoke about a news section on its platform in April.

Also Read: Absence of Google Apps Hurting Huawei the Most

The section would reportedly be free for users, though Facebook might pay publishers whose work is featured.

Facebook is in talks with news publishers to offer as much as $3 million for the rights to publish content on its upcoming news tab.

facebook, WhatsApp, stories, feature
An iPhone displays the app for Facebook in New Orleans, Aug. 11, 2019. VOA

“It’s important to me that we help people get trustworthy news and find solutions that help journalists around the world do their important work,” Zuckerberg wrote in a recent post.

Facebook could “potentially have a direct relationship with publishers to make sure that their content is available, if it is really a high-quality content”, he added.

Algorithms and human editors will decide what new content will appear for the users.AThere will be a breaking news section with 10 of the “top” stories of the moment.

Facebook has announced other initiatives to support journalists, including a pledge to invest $300 million in local newsrooms and grants for people with ideas to improve the quality of news.

Zuckerberg last week stressed that his platform has now become a ‘Fifth Estate’ in the world alongside traditional news media and people no longer have to rely on traditional gatekeepers in politics or media to make their voices heard.

“People no longer have to rely on traditional gatekeepers in politics or media to make their voices heard, and that has important consequences,” he said. (IANS)