Facebook could be working on its very own cryptocurrency

It’s been reported that Facebook is in the process of launching a new cryptocurrency company, referred to as “Libra.” Suspicions regarding what Facebook has been up to began rising last year when it was released that Facebook was collecting data from it’s users. The big question at the time was, “what is it for?” And now we know. In the beginning of May, Facebook officially registered “Libra,” as a company in Switzerland.

While Facebook has yet to directly comment on their efforts in building the foundation for Libra, their actions speak louder than words. Not only are they rapidly hiring countless professionals in the world of cryptocurrency and finance (according to the Wall Street Journal), but they’re also working to integrate their cryptocurrency with Facebook to make it easily accessible by users everywhere.

As the foundation of Libra is being built, there are still a ton of unanswered questions, especially in regards to credit policies and laws. Whatever Facebook is up to, there’s no doubt they still have a ways to go and plenty to iron out with this new venture.

source: Yahoo Finance

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Brad Coleta

Brad Coleta is a passionate reporter for The Droid Guy, covering all aspects of mobile, gaming, software, apps, and services. He graduated from the University of Rochester in New York with a degree in Electrical and Computer Engineering. When he's not reporting, he's a huge fan of the New York Giants and Yankees. But what might surprise you is that he also enjoys reading Manga during his down time. Brad is a dedicated reporter, always looking to tell the stories of the tech world. Contact me at Email or LinkedIn

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