Facebook Reportedly Looking for Partners to Launch Crypto-Based Payments System

Facebook has reportedly been in talks with various payment processors, e-commerce merchants, and other financial firms to get them to support a cryptocurrency-based payments system it’s currently developing.

According to the Wall Street Journal, the social media giant has reached out to companies like Visa and MasterCard about the project, which is reportedly known as ‘Project Libra’ in the company. It will reportedly include a blockchain-based cryptocurrency pegged to the value of the US dollar, a stablecoin.

Some of the use cases being considered for Facebook’s stablecoin include allowing its WhatsApp messaging service users to send money to one another, and rewarding users with a fraction of a coin for looking at ads.

The social media giant is also looking to recruit e-commerce firms and apps to accept its cryptocurrency and integrate it as a payment system, in a way similar to how websites and apps currently use Facebook to let users log-in.

The firm has been acquiring blockchain startups for months now, and it’s well-known it has a team working with blockchain technology. While Facebook hasn’t officially confirmed it is launching a cryptocurrency, previous reports suggested it already contacted crypto exchanges about listing it.

To support its stablecoin-based payments network, Facebook is said to be looking for up to $1 billion in investments as collateral. Analysts have estimated Facebook could bring in as much as $19 billion until 2021 thanks to the launch of a cryptocurrency.

Recently, the social media giant announced a major shift to focus on privacy, with CEO Mark Zuckerberg revealed payments and private commerce are going to be an important part of Facebook’s future.

Some believe that if e-commerce takes off on Facebook’s various platforms, it could see brands spend more on advertisements with it, and consequently increase revenue. New revenue streams may also be created if users adopt its payments features.

Henry Liu, a former Facebook employee and a managing partner at a blockchain investment firm, was quoted as saying:

Payments and commerce are Facebook’s only way out from its freemium, advertisement business model.

Notably Gavin Baker, a former Fidelity Investments portfolio manager, has in the past stated he believes Facebook’s stablecoin will likely be a “serious threat” to companies like Visa and MasterCard. This, as the social media giant doesn’t need to monetize transactions by charging a processing fee.

TRON’s Justin Sun Giving Away $1.2 Million for UBI, 50,000 TRX to Telegram Group

Michael LaVere
  • TRON's Justin Sun is supporting US presidential candidate Andrew Yang's UBI by giving $1.2 million to 100 people in 2020.
  • Sun and the TRON Foundation also announced a 50,000 TRX ($75K) giveaway through the official TRON telegram group.

TRON founder Justin Sun has announced that he will be giving away $1.2 million to 100 people next year to support U.S. presidential hopeful Andrew Yang’s universal basic income (UBI) program, in addition to kicking off a 50,000 TRX ($75K) giveaway for users of the cryptocurrency’s Telegram group. 

Sun Supporting Andrew Yang’s UBI

Sun, who paid $4.6 million earlier in the year to host a charity lunch with Warren Buffett, has now pledged to give $1.2 million to 100 people in 2020. TRON's founder also announced that one of the 100 selected for the giveaway will be invited to his charity lunch, which was originally postponed after Sun came down with kidney stones. 

Sun has asked U.S. presidential candidate Andrew Yang for assistance in the selection process. Yang, who has a background in entrepreneurship, has built his campaign upon the idea of universal basic income (UBI), which would guarantee U.S. citizens a monthly stipend. In addition to championing the idea on the campaign trail, Yang has pledged to distribute $1,000 per month to 10 people for the next year. 

Sun has taken the movement a step forward, by pledging to support 100 people at $1000 per month for the entirety of 2020.

TRX Telegram Giveaway

In addition to promoting UBI and Andrew Yang’s cause, Sun also announced the start of a 50,000 TRX giveaway, worth $75K, for community members using TRON's telegram channel. According to tweets published by Sun and the TRON Foundation on Sept. 16, TRON supporters can gain TRX by joining and inviting others to the coin’s official Telegram group. 

In order to qualify for the promotion, users will need to engage in a conversation with the @TRONEnBot through the telegram application. From there, the TRX payout will be tied to the number of invited users who join the Telegram group. The first and second place prize are worth 5000 and 2500 TRX, respectively, with the remaining 32,500 TRX being split among the rest of users.

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