FACEBOOK is building its own cryptocurrency that is set to rival Apple Pay, it’s claimed.
The social media giant is reportedly planning to launch a digital coin that users send to each other and use to make purchases both on Facebook and across the internet.
Facebook is reportedly building its own cryptocurrency[/caption]
Project Libra, the code-name of the secret plan, has the potential for FB users to be rewarded for using it.
One idea is to pay them fractions of a coin when they view ads, interact with other content or shop on its platform, working the same way as loyalty points at traditional retailers.
The firm is said to be in talks with other e-commerce companies and apps about accepting the coin, as well as stakeholders like Visa and Mastercard.
Similar to how users can log in to Facebook on other websites, they will also be able to pay other companies using the platform.
Facebook is also working to tie online purchases more closely to ads, with users being able to click on ads and buy then products using the coins.
The retailer would be able to recycle these to buy more ads on Facebook.
According to The Washington Post, dozens of financial firms and online merchants are being recruited to help launch the new currency.
In 2014 Facebook, which was started by Mark Zuckerberg, hired PayPal Holdings President David Marcus.
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The cyrptocurrency has reportedly already been under way for more than a year.
It’s claimed they are hoping to raise $1 billion to spend on the project.
A spokesperson declined to comment but referred to a previous statement that the company “is exploring many different applications”.
The new Facebook coin could rival Apple Pay[/caption]
Facebook hired PayPal Holdings President David Marcus in 2014[/caption]
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