The internal efforts of Facebook’s (FB) cryptocurrency initiatives continue to leak with the latest report indicating that the company is developing a stablecoin-based payment platform, which is internally known as “Project Libra.”
According to the report by The Wall Street Journal, Facebook is currently in discussions with major payment networks Visa (V) and Mastercard (MA), in addition to major ecommerce companies to support the launch of the platform.
This news comes a month after separate reports revealed that Facebook is currently courting major venture capital firms to raise $1 billion, which is believed to be destined to back the company’s stablecoin.
Insiders also revealed that this coin is designed to have low volatility and will be leveraged to reward users for viewing ads and purchasing goods.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.