"Wall StreetJournal" exposed Facebook cryptocurrency supported by 7 major companiesincluding VISA, PayPal and Uber

Part 1

Wall Street Club 2019-06-27

《华尔街日报》曝Facebook加密货币获VISA、PayPal、Uber等7

大公司支持

第1部份

华尔街俱乐部 2019-06-27

In a commentary published this week, Forbes pointedout that once it is officially introduced to the market, Facebookcryptocurrency will have a huge impact on developing countries, the US bankingsystem, and global capital markets.

1

On June 14, according to the Wall Street Journal, theFacebook cryptocurrency project was supported by seven well-known companies.Companies will invest $10 million to establish the Cryptology Money ManagementFoundation for project development, and related activities such as a basket oflegal currency.

Four of the seven companies are directly related topayments: VISA, MasterCard, PayPal, and third-party aggregation payment toolStripe (currently valued at $23 billion). Among them, VISA announced on June 12that B2B Connect, a cross-border payment network based on blockchaintechnology, officially entered the $125 trillion global cross-border paymentmarket.

2

The other three companies are Uber, a mobile phonetaxi company, Booking.com, a travel booking website, and MercadoLibre, anArgentine e-commerce site. The Wall Street Journal said Facebook plans toexpand its global cryptocurrency influence. As a high-frequency serviceprovider for taxis, shopping, etc., these three companies can provide therequired trading scenarios for Facebook cryptocurrencies for taxis, travel,hotel orders and online shopping.

The insider said that the name of the FacebookCryptography Foundation is expected to be the "Libra Association",and neither Facebook nor Facebook will directly control the cryptocurrency. Inaddition, some Foundation members do not fully understand how Facebook'scryptocurrency works and its role in the project.

These questions are expected to come to the next week.It is said that Facebook will release a cryptocurrency white paper on June 18to announce the details of the project's technology and operating mechanism.

first section

The June 18th white paper release date is basicallynailed

The exact date Facebook published the cryptocurrencywhite paper stemmed from a “mistake” by its employees. The news was originallydisclosed to the German Economic Weekly by Laura McCracken, Facebook's NordicFinancial Services and Payments Partner. In the Money 2020 Europe conferenceheld in Amsterdam, the Netherlands on Tuesday, McCracken got the news afterwatching the speech of Facebook payment business executive Paulette Rowe.Although McCracken did not join the Facebook blockchain team, she said thatFacebook's cryptocurrency has been confirmed to be linked to a"basket" of currencies, not just the US dollar, in order toeffectively prevent price volatility.

3

McCracken initially thought that the exact date ofJune 18th had been published by Facebook, but it was not. After the GermanEconomic Weekly revealed this time, the marketing manager of the Facebookblockchain team contacted the German Economic Weekly to delete the news andrefused to comment on any information related to the cryptocurrency. A Facebookspokesperson then said that if there were problems with the partners, therelease time might change, and their goal was to officially issuecryptocurrencies in 2020.

Second part

Facebook speeds up recruitment, and the cryptocurrencyteam is talented

CNBC recently exposed the list of executives on theFacebook blockchain project team. The team has recruited a number of executivesfrom the core applications of Paypal, Instagram and Facebook, and the totalnumber of projects has exceeded 100. Mars Financial APP (ID: hxcj24h)previously found out that Facebook's official recruitment page found that thereare still more than 20 positions waiting for the position, including blockchainproduct manager, lawyer, data scientist, security engineer, marketing manager.

4

According to the description of the Facebookrecruitment page, the blockchain is “Facebook's startup department, which isexploring the application of the blockchain in various fields. The ultimategoal is to help billions of people get what they don't have now, maybe healthcare, fairness. Financial services, or new ways to save and shareinformation."

Most of these job locations are located at Facebookheadquarters, and a few are located in Facebook's Tel Aviv office in Israel. Inaddition, some positions in Singapore and Hong Kong are open.

5

Part III

10 important information about the Facebookcryptocurrency exposed by Bloomberg, The New York Times and other media

From December 2018 to the present, Facebookcryptocurrency has been reported by many media outlets such as Bloomberg, TheNew York Times, The Wall Street Journal, and The Financial Times, and it is nowready to go. Mars Finance APP (ID: hxcj24h) extracts the following 10 importantpieces of information from all Facebook cryptocurrency reports:

1. The internal name of the Facebook digital currencyproject is “Project Libra”, which is characterized as a stable currency andwill anchor multinational currency.

2. Facebook plans to apply its stable currency to itsthree major communication/social tools, WhatsApp, Facebook Messenger andInstagram. Currently, the total number of users of these three products isabout 2.7 billion.

3. Facebook Stabilization Coin will be integrated intoits core advertising system to reward users for their creation, sharing, anddissemination. Users can also purchase goods through Facebook's stablecurrency.

4. Facebook Stabilizer will also be used for actualpayment. Facebook is negotiating with Visa and MasterCard. In addition,Facebook is also negotiating with financial information service company FirstData and some e-commerce platforms.

5. Facebook registered a company called Libra inGeneva, Switzerland, in May, focusing on the blockchain.

6. The official name and launch date of the Facebookdigital currency project has been determined - the product name is GlobalCoin,which will be launched before the first quarter of 2020

7. Facebook is negotiating a digital currency plan withthe US Derivatives Regulatory Commodity Futures Trading Commission (CFTC). CFTCChairman Christopher Giancarlo has confirmed this. Giancarlo said that thenegotiations between regulators and Facebook are still in the early stages,they need to know whether Facebook's digital currency plan is in the CFTCregulatory area.

8. Facebook allows the internal staff of the projectto receive the cryptocurrency as a salary

9. Facebook is setting up a cryptocurrency foundationto manage its cryptocurrency with designated partners.

10. Facebook will invite third parties as “nodes” toparticipate in the management of its cryptocurrency. In addition, Facebook isalso discussing the charging of 10 million US dollars to third-party nodes as athreshold for participation to ensure that third-party nodes have basic fundingand governance capabilities.