According to a recent report, social giant, Facebook is developing its own fiat-based virtual currency and it intends to include Visa and MasterCard to support and finance it.

“Project Libra”

Facebook has launched a project to create a payments platform which will function just like a stablecoin. The project is called “Project Libra”. Facebook’s aim is to create a digital currency which allows its many users to send money to one another and to buy items online.

Facebook is also making attempts to convince First Data Corp, a financial services company to support the project with a total sum of $1 billion which will serve as collateral for the stablecoin to prevent it from volatility.

Furthermore, there are ongoing deliberations between Facebook and several e-commerce firms to raise capital, gain support, and to gain acceptance for the upcoming stablecoin. The social media giant is also set to pay users of the cryptocurrency whenever they view ads and also allow advertisers to accept the coin for merchandise and as…

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