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Global: Facebook Plans to Launch Cryptocurrency-Based Payment System

1 MIN READMay 3, 2019 | 17:07 GMT

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.

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