Facebook introduces new section to boost its Libra cryptocurrency project

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Facebook introduces a new group to look after the payments-related initiatives of its Libra cryptocurrency project

Big news from the company has been poured out saying former PayPal executive David Marcus to handle Facebook Financial group also known as F2. Called F2 internally, short for Facebook Financial, the team will run all payments projects, including Facebook Pay, the company’s universal payments feature that it plans to build inside all of its apps.

Libra is an authorized blockchain digital currency proposed by the American social media company Facebook, Inc. The currency and network do not yet exist, and only a rudimentary experimental code has been released. The launch is planned to be in 2020. The project, currency, and transactions are to be managed and cryptographically entrusted to the Libra Association, a membership organization of companies from payment, technology, telecommunication, online marketplace and venture capital, and nonprofits.

In May of this year, the digital wallet was renamed and re-branded as Novi, after criticism with policymakers concerned about virtual currency disrupting the global financial system and risk of money laundering and competing with the U.S. dollar.

Marcus will continue running Novi, the division that is building a digital wallet to hold the Libra cryptocurrency. He will also be involved in WhatsApp’s payments efforts in countries like India and Brazil. Facebook has hired former Upwork Inc

“We have a lot of commerce stuff going on across Facebook,” Marcus said. “It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments.”

The Novi wallet — set to launch when Libra coins debut — promises to give Facebook opportunities to build financial services into its offerings, offer to expand its own commerce, and let more small businesses buy ads on the social network. Facebook Financial will handle management and strategy for all payments and money services across the Silicon Valley company’s platform.

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