Facebook is determined to conquer the world of cryptocurrencies and blockchain technologies and is taking giant steps in that direction -although maintaining certain secrecy about its projects.
The intention to create an altcoin has been widely discussed and seems to be geared towards Whatsapp users (at least temporarily). However, it is important to note that Facebook maintains an ecosystem of social networks that include WhatsApp and Instagram, all of which could benefit from a native cryptocurrency.
Faceboook = PayPal 2.0
Mark Zuckerberg is not willing to fail and to ensure a successful implementation he has systematically hired “tech veterans” with experience in fintechs and blockchain technologies.
An article published yesterday by Bloomberg revealed that Facebook is recruiting a significant number of former PayPal employees. If you have been living under a rock for the last decade, PayPal is one of the most popular payment processing firms in the world.
This love for PayPal employees seems to have an explanation in the fact that David Marcus, leader of Facebook’s Blockchain Division happens to be no less than the former president of PayPal. Of the 50 employees who work in this secretive division, a significant amount comes from this company.
In addition to Marcus; Christina Smedley, Tomer Barel, John Muller, Meron Colbeci and Nate Gonzalez, -all of which fulfilled strategic tasks at PayPal – have been confirmed among the members of Facebook’s Blockchain Division.
Facebook Softens its Ad Policies to Allow Crypto-related Marketing
Facebook’s effort is not just about work. Zuckerberg also changed the company’s policies at the strategic level in what could be defined as a move to facilitate the penetration of its native stablecoin.
About a year ago, Facebook unilaterally decided to ban all marketing related to cryptocurrencies, ICOs, and similar products.
However, for reasons of law and convenience, the social network recently lifted the blockade. After all, how could they advertise their own stablecoin if it is forbidden?
While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.
Facebook’s goal was to protect its customers from the growing number of scams and frauds that were occurring in the community during the crypto boom of 2017.
The ban, which began as absolute in January 2018, was softened in June and seems to be ending completely as the launch of its native stablecoin approaches.
ICOs and binary options, however, will remain off the platform (that is perhaps until they decide to launch an ICO).