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Social Media Giant Facebook May Launch its Cryptocurrency in June

Earlier in June, the company ignited a discussion about its crypto Stablecoin initiative with the US Commodity and Futures Trading Commission (CFTC)

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FILE - The Facebook logo is seen on a shop window in Malaga, Spain, June 4, 2018. (VOA)

Facebook may finally launch its long-rumoured cryptocurrency later in June.

The cryptocurrency, under Facebook’s “Project Libra”, is reportedly aimed at allowing Facebook’s global users to transfer money across borders and to make online purchases.

With its cryptocurrency, the social networking giant is planning to include bonuses for merchants that adopt it. Infact, employees in the project would even have the choice to be paid in the cyber currency, Engadget reported on Wednesday.

Given Facebook’s infamous security management, the blockchain would supposedly be “far more centralised” than Bitcoins and the company would tap outside firms to help run the system.

It would charge the third-party firms a licensing fee of $10 million per partner and roll that into backing the currency with traditional money to keep it stable.

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Bitcoin is a cryptocurrency and worldwide payment system. Wikimedia Commons

In an interview with Harvard Law Professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he was “potentially interested” in putting the Facebook login on the Blockchain technology.

Later in May, Facebook started hiring for its cryptocurrency-based payments on its platform that has 2.38 billion users.

Also Read- Apple’s $999 PC Monitor Stand Creates Stir on Social Media: Report

The social networking giant has also set up a group within the company, headed by Messenger chief David Marcus, to explore Blockchain technology and its potential use for the platform.

Earlier in June, the company ignited a discussion about its crypto Stablecoin initiative with the US Commodity and Futures Trading Commission (CFTC). (IANS)

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Facebook Apologizes Employees after Several Racist Incidents

The employees wrote that "things have gotten worse since former staffer Mark Luckie published a note in November last year, claiming Facebook had "a black people problem."

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FILE - The logo for Facebook appears on screens at the Nasdaq MarketSite, in New York's Times Square, March 29, 2018. VOA

Facebook has apologized after current and former employees went on to social media and detailed several racist incidents against black, Hispanic and female Asian employees at the social networking company.

Facebook tendered it’s apology after an after an anonymous post from 12 employees under the group name “FB Blind” on online publishing platform The Medium went viral, USA Today reported on Friday.

“We may be smiling. We may post on Instagram with industry influencers and celebrities. We may use the IG ‘Share Black Stories’ filter and be featured on marketing pieces. We may embrace each other and share how happy we are to have the opportunity to work with a company that impacts nearly three billion people.

“On the inside, we are sad. Angry. Oppressed. Depressed. And treated every day through the micro and macro aggressions as if we do not belong here,” wrote the Facebook employees.

The problem, they said is not just with black employees of different genders.

“The incidents are also reflective of behaviours against Latin and female Asian employees. The experiences invoke how we, the twelve Facebook employees present and past who are sharing our stories here anonymously, have been made to feel as employees by Facebook managers, HR business partners, and their immediate white colleagues,” the post further read.

Hundreds of African-American Facebook employees embarked to Menlo Park, California this week to be part of its annual “Black” event.

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The social media application, Facebook is displayed on Apple’s App Store, July 30, 2019. VOA

“Many of us will go to the AfroTech event in Oakland to share stories, network, and meet up with other engineers, designers, and leaders in the industry,” the employees wrote.

A company spokesperson told CNBC in a statement that no one at Facebook, or anywhere, should have to put up with this behaviour.

“We are sorry. It goes against everything that we stand for as a company. We’re listening and working hard to do better,a said Bertie Thomson, Facebook’s Vice President of Corporate Communications.

Also Read: Here’s Why Twitter’s Rival Social Network Mastodon Trending in India

The employees wrote that “things have gotten worse since former staffer Mark Luckie published a note in November last year, claiming Facebook had “a black people problem.”

“Racism, discrimination, bias, and aggression do not come from the big moments. It’s in the small actions that mount up over time and build into a culture where we are only meant to be seen as quotas, but never heard, never acknowledged, never recognized, and never accepted.

“We are remaining anonymous because Facebook creates a hostile culture where anyone that is non-white is made to feel fear for their job and their safety to report any bad behaviours,” they added. (IANS)