Facebook Doggedly Continues Pursuit of Cryptocurrency

Facebook has been trying to expand its horizons quite a bit, and a big part of this has involved trying to make it so that the social media platform is able to establish its very own cryptocurrency which it was dubbing Libra. However, Facebook has been facing a lot of problems along the way, with one of the main problems being that some of its big name partners such as PayPal, Visa and MasterCard, partners that gave its cryptocurrency quite a bit of legitimacy, have pulled out of the project for a wide variety of reasons.

However, according to a top level Facebook executive Kevin Weil, Mark Zuckerberg is still determined in his attempts to establish his very own cryptocurrency, one that would allow users to transfer money to each other over WhatsApp as well as Facebook Messenger. According to Weil, Zuckerberg is prepared to spend years trying to make this dream a reality, and he will continue to work on this project in spite of the harsh treatment that he is currently receiving at congress as well as the numerous scandals that are surrounding Facebook. Weil stated that Zuckerberg is prepared for the project to take years or even decades.

One thing that Weil admitted to was that a lot of people are probably going to be hesitant with regards to using a financial product that is being provided by Facebook. After all, if you think about it people don’t trust Facebook with things that are far less valuable than actual cryptocurrency. However, Weil stated that this was the main reason why Facebook was trying to partner up with other companies.


In spite of Weil’s confidence and Zuckerberg’s determination, the truth of the situation is that Facebook has faced roadblock after roadblock so it might just end up becoming a project that the social media platform has to end up shelving.



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