Facebook Still Wants a Piece of the Cryptocurrency Market
Last year, Facebook (NASDAQ: FB) assembled a consortium of companies to create an open-source cryptocurrency called Libra. Facebook planned to offer Libra as a payment option in a digital wallet called Calibra, then integrate those payments into Messenger and WhatsApp.
But shortly afterwards, leading members of the consortium -- including Visa, Mastercard, and PayPal (NASDAQ: PYPL) -- abandoned Libra after government regulators expressed concerns about money laundering, tax evasion, and other illegal transactions. Critics also argued that Facebook's spotty track record with privacy and security issues made it an unsafe platform for financial transactions.
Image source: Getty Images.
Source Fool.com
