Get Ready Apple Pay: Facebook is soon bringing a competitor for you!

Last year we heard a rumor that Facebook is in the midst of developing a cryptocurrency platform that the users can use to transfer the money via WhatsApp.

Recent reports indicate that Facebook apparently has bigger plans for its cryptocurrency project. In fact, the social networking giant is currently talking to numerous online vendors and financial firms to support its cryptocurrency-based payment platform, which presumably has the ability to stand against Apple’s own payment system.

According to a report published in The Wall Street Journal, Facebook’s new venture is codenamed Project Libra that can be used for personal transactions on many websites. The system would work similarly to other checkout services such as PayPal, allowing internet users to send/receive funds from across the globe.

Additionally, Facebook is looking to raise approximately $1 billion for the project from investors like Visa and MasterCard as well.

The mixed-reports indicate Facebook has big plans for its crypto-currency service and if the company plays its cards right – the service would definitely gain a massive user base in no time.

Facebook's new crypto platform could rival Apple Pay
Photo: Justin Sullivan/Getty Images

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