Cross-Border Payment: Facebook to Compete With Ripple

Facebook creates Blockchain Division to be led by Coinbase board member

It seems that Facebook wants to compete with Ripple (XRP) in cross-border payments. Facebook (a social media giant) is investigating on developing its own digital currency which will give its users (over a billion across the globe) the opportunities to attain stress-free cross-border settlements and transactions.

Is This A Threat To Other Digital Currencies?

Ripple, as well as other digital currencies, that are working diligently to provide the world with unified cross-border remittance options may get a life-threatening rivalry from the social media giant very soon. An official of Facebook, who asked to remain anonymous, said that Facebook is very serious about it.

Another executive of Facebook said that the social media giant will likely need to make “acquisitions in the space of digital currencies and blockchain to create its own digital currency.” The expedition into the blockchain world began early this year when the CEO of Facebook – Mark Zuckerberg – announced its recognition of digital currencies, which extracts power from centralized systems and put it in the hands of people.

Zuckerberg Wants to Study the Crypto and Blockchain Space

Zuckerberg plans on looking into the risk of (digital currency) being difficult to control. He said he is interested in going deeper to study the negative and positive aspects of these technologies, and the best ways to use them. Then to the latest announcement made by the head of Messenger – David Marcus, an ex Coinbase board member and PayPal president, who has been working with the social media giant for 4 years now.

Marcus is presently in charge of everything that involves blockchain in the company (Facebook). He is to lead a team of Facebook staffs studying and exploring blockchain technology. Marcus know a lot about digital currencies because he was one of the first bitcoin investors, and to crown it all, he joined the board member of Coinbase in December 2017.

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