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.
Facebook Launching Its Own Cryptocurrency