Social media giant Facebook is trying to enter the cryptocurrency era targeting its 2.5 billion users. On May 3, The Wall Street Journal revealed that Facebook is employing dozens of experts, financial firms and e-commerce companies to achieve this goal. The news has reignited the rumors that Facebook seeks to offer an in-house payment option to the users. It has been reported that Facebook officials are trying to contact major payment networks including Visa and MasterCard regarding possible support.

The exact name of the new cryptocurrency is yet to be known. But some credible sources termed the project as “Libra” and the currency as “FB coin”, and “Zuke Bucks”. Whatever it is, Facebook is set to leverage the power of Blockchain technology. In an interview with Harvard Law Professor Jonathan Zittrain, Zuckerberg admitted that he wants to make the Facebook login with Blockchain authentication.

The entire project may cost over one billion dollars, but when we think about one –fourth of the world’s population, it is worth investing. Should the project succeed, cryptocurrency will enter the mainstream payment systems. Facebook users will not only be able to make in-house payments but on several other e-commerce companies as well. With the introduction of own currency, Facebook is likely to boost its business. For instance, people will be enticed to use FB coin with Facebook accounts in checkout option as they shop.

On the other hand, there might be an opportunity to earn coins in exchange for watching ads. The ultimate result will be a constant engagement of people with Facebook in one way or another. Facebook’s journey towards a new cryptocurrency is already on the surface. One of its senior engineers Evan Cheng has been promoted as the director of engineering at Blockchain division.

Messenger chief David Marcus will supervise the activity of a team dedicated to exploring Blockchain technology and its possible use in Facebook.

What would happen if Facebook brings new digital currency?

The social media giant has always been hungry for a better stock price, so adding crypto to its platform might serve the purpose very well. But it is worth mentioning the context in which the crypto project has been undertaken. Facebook faced a massive criticism in the last year for its privacy practices, particularly when the company’s privacy policies went under investigation by the US Federal Trade Commission following a week of scandals about leakage of personal information of tens of millions of users. After that, the organization announced that it was prioritizing privacy.

Nevertheless, Facebook has been constantly trying to find new ways to remain central to users’ lives. Currently, social media is considered as an entertainment and communication channel. The cryptocurrency project is likely to make the platform financially important to the users as well. However, not all plans work out. Facebook tried to create a smartphone market but failed.

Today the social network is getting more competitive particularly when it comes to video streaming and virtual reality. But it is clear that the company has made a firm stance for a digital payment system. Facebook’s patent of a virtual currency reflects the fact. Off the record, it is being heard that Facebook’s blockchain group is working for a foundation from which the organization might target a range of possible opportunities.