Mark Zuckerberg Is Likely Discussing Facebook’s Crypto Plans With Winklevoss Twins

It’s no more suspense to the crypto community that Facebook is working on its cryptocurrency project. Last week, the social media giant registered its FinTech company dubbed as Libra Networks in the crypto-friendly nation of Switzerland.

According to the latest report from Financial Times, Facebook is reportedly in talks with the founders of crypto exchange Gemini, the famous Winklevoss twins. This report is a major surprise considering the fact that Zuckerberg and the Winklevoss twins have shared a hostile relationship in the past.

The twin brothers have accused Zuckerberg of stealing their original idea of Facebook, as pointed out in the movie “The Social Network”. But it looks like all of them have decided to keep away things of the past and move forward.

According to the earlier reports, Facebook’s Project Libra aims to bring in-app crypto payments in addition to partnering with other e-commerce and payment platforms. However, sources familiar with the matter told Financial Times that the project will be even “bigger and more open”.

The sources said that Facebook is currently talking to crypto exchanges Gemini and Coinbase who would allow their users to safely store the Facebook Coin and easily convert it into other cryptocurrencies or fiat.

Further, to make sure that Facebook’s dollar-linked stablecoin has enough liquidity, Facebook is reportedly talking to high-frequency trading platforms like Jump and DRW. However, any of these firms have declined to comment at this moment as Facebook has signed a non-disclosure agreement.

Facebook and other social media companies like Telegram have been showing much interest in adopting the blockchain technology and venturing the crypto space. David Yermack, professor of finance and business transformation at the New York University Stern School of Business, said:

“There is a huge opening for social media companies to move in and take a big part of the banking business. They have an advantage due to their customer bases and the frequency with which people use them. [But] the main challenge is regulation.”

Also, on Friday, May 24, BBC News reported that Facebook will likely launch its native cryptocurrency in the first quarter of 2020. The Global Coin shall be available in more than 10 countries at launch while offering people affordable and secure payments without the need of a bank.

India is reportedly is one of the key focus for the company as the country holds a huge volume of international transactions on a daily basis.