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Facebook‘s new division will look into payments with the Libra co-creator at the helm

Facebook‘s new division will look into payments with the Libra co-creator at the helm
  • Over the past 12 months, Facebook has been the talk of the town within the crypto space. 
  • After the social network announced the development of its Libra stablecoin, many heads were turned by many executives and big companies, not to mention the United States government. 

Over the past 12 months, Facebook has been the talk of the town within the crypto space. After the social network announced the development of its Libra stablecoin, many heads were turned by many executives and big companies, not to mention the United States government. 

Now, Facebook has launched a new product group to promote payments and opportunities with the co-creator of Libra in charge of the division.

Dubbed as the Facebook financial (F2), the group will look overpayments in this new project which would include a Facebook pay according to a report from Bloomberg.

This new division of the social network seems to be looking at the previous adventures in the financial tech space. David Marcus of Libra is reportedly in charge of the wallet for the stablecoin, Novi as well as recent attempts to bring payments to the WhatsApp application.

With a whole division dedicated to this singular mission, it indicates that the company intends to fully commit to the payments industry after many years of trying to integrate payments into its subsidiaries of the social network as well as itself.

Speaking on the division, Marcus said the following:

“We have a lot of commerce stuff going on across Facebook. It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments.”

 


It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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