Is Facebook Becoming A Bank?

interesting facts about facebook

Nobody knows for sure, but there are some interesting facts starting to pile up as it pertains to the social media giant and financial services. It is a fact that Facebook is exploring various partnerships to create a financial ecosystem, launched the merchant platform to compete with classified ads, and is actively pursuing launching its own cryptocurrency.

Perhaps this is the biggest motivation of all – the fact that banks earn about $700 per user per year and Facebook earns less than $10 in revenue per year per user.

‘Project Libra’ is the code name for Facebook’s cryptocurrency project. More information is found here on that project.

On June 18th Facebook released the White Paper for Libra to much press coverage and hype. published an analysis that a takes a very interesting look at what some of the motivations are behind the launch and bigger trends overall.

Congress And Facebook Libra

The announcements around the launch of Libra seem so coordinated that one must ask if this is all already planned for and blessed behind the scenes by the powers that be. Facebook announces a Libra coin and the vast majority of the mainstream media praise it profusely and even start discussing openly the prospect of stripping money printing away from the government and central banks. Then, of course Congress chimes in.

Congress formally requested that Facebook stop the roll out of Libra. One must ask if this is simply putting some sort of resistance on the table officially even though the government has no intention if stopping the company from rolling it out. In fact, perhaps the government wants Facebook to chip away at the burden of managing the world’s reserve currency. dives into the Libra issue and Congressional action or inaction in a recent article.

Heck, even the Bank For International Settlements is now openly praising cryptocurrencies.

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