What Happened: Facebook is looking to collaborate with various firms to launch a cryptocurrency-based payment system, which would be connected to its online social media platform, The Wall Street Journal reported May 2.
Why It Matters: If implemented, Facebook's system has the potential to become the world's biggest cryptocurrency platform due to the company's large user base — rivaling established payment systems such as Google Pay, Apple Pay and PayPal.
Background: Although cryptocurrency-based payment and transaction platforms have been available for several years, they have yet to secure widespread adoption.
- Why Central Banks Could Mint Their Own Digital Currency (March 28, 2018)
- Blockchain: What It Is, and How It Works (March 3, 2018)