
The company is "recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system on the back of its gigantic social network." And the Journal suggests that the project "threatens to upend the traditional, lucrative plumbing of e-commerce and would likely be the most mainstream application yet of cryptocurrency." [...]
Facebook has reportedly already talked to Visa, Mastercard, and payment processing company First Data Corp., and it is allegedly seeking a $1 billion investment in the project. Facebook has also been talking to e-commerce platforms and other companies about accepting its cryptocurrency, once it exists.
As the Journal surmises, Facebook is likely looking to do with payments what it's already done with sign-ins -- creating a module that can be placed on sites all over the web. "Facebook aims to burrow more deeply into the lives of its users," the Journal writes.
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