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Birthday Fundraisers on Facebook Raise More than $300 mn in the First Year

Since November 2017, Facebook waived fees, so 100 per cent of all donations made to nonprofits on Facebook go directly to the nonprofits they are supporting

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Facebook
Facebook testing 'LOL' app to woo kids, experts wary. Pixabay

Facebook birthday fundraisers, a feature that allows users to raise funds for the causes they care about and donate it to nonprofit organisations, raked in more than $300 million in the first year, the company has said.

To make it easier for users to pick one non-profit from a list of over 750,000 nonprofits on Facebook, the social netoworking giant also announced new tools for people using the feature.

“…we will soon provide more information: when you click on a nonprofit in the list, you can learn more about the organisation, their mission, location and how many people like their Page,” Asha Sharma, Facebook’s Head of Product, Social Good, said in a statement on Wednesday.

“We also plan to share more relevant information, like popular search terms in the nonprofit selection tool,” Sharma said.

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Facebook, social media. Pixabay

Earlier, Facebook added new tools to nonprofit fundraisers, like the ability to match donations and add organisers to fundraiser.

Pages – including those run by brands, public figures, and nonprofits themselves – can now create and donate to fundraisers.

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And it added a tool so people can make recurring monthly donations to the organisations and causes that are important to them.

Since November 2017, Facebook waived fees, so 100 per cent of all donations made to nonprofits on Facebook go directly to the nonprofits they are supporting. (IANS)

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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.

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“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)