Facebook To Pioneer Blockchain-Based FinTech Business

With the Libra being pushed out of the equation in March 2020, Facebook is launching a new subsidiary called Facebook Financial or F2.

Aimed the promoting payments and commerce opportunities, the said business is set to run its payment processes and projects that are also intact with a future feature called Facebook Pay.

With the innovation, we will see some integrated features of Facebook presenting its previous adventures in FinTech under a single umbrella.

Its lead David Marcus is overseeing these responsibilities for Novi, the wallet for Libra, previously known as Calibra, as well as recent efforts to carry payments to the WhatsApp messenger. He will be supported by the former CEO of Upwork, Stephane Kasriel, in this endeavor.

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

As part of its campaign to pioneer blockchain-based currency, the division’s immediate goal will be launching payments via WhatsApp in developing countries such as Brazil and India.

Earlier this year, optimism about the launch of Libra was already, but come to the end of Q1, the company had faced strong regulatory backlash under all fronts, as accusations of monopolistic intentional add to a history of regulator mistrust toward Facebook’s entry to payments.

Meanwhile, Libra had to forego many of its initial features in an attempt to please authorities.

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