Facebook’s plan of introducing its own global digital currency has taken a new turn as Mark Zuckerberg held meetings with large trading houses and active cryptocurrency exchanges. The Facebook CEO also held a meeting with his former rivals – The Winklevoss brothers, according to Financial Times.
A team at Facebook has been working on developing a digital currency for over a year and aims to facilitate users to not only make transactions via the Internet, but also in the real world.
At the company’s developer conference in April, Mark Zuckerberg had said,
“Payments is one of the areas where we have an opportunity to make it a lot easier. I believe it should be as easy to send money to someone as it is to send a photo.”
Facebook also held talks with Jump and DRW, high-frequency trading firms based out of Chicago, with respect to making its digital coin at par with the value of the Dollar. Facebook also spoke to Coinbase and Gemini, two prominent cryptocurrency exchanges, to let users store their coins safely and convert them into other crypto or fiat currencies for further use.
Gemini, founded by the famous Winklevoss brothers, is known for its links to the regulators and also has the permission to function as a trust company under the New York banking law. Gemini was among the first two companies to get approval from the state for their digital currency, Gemini Dollar to be at par with the US Dollar.
Winklevoss twins, in the past, had sued Facebook for “stealing their idea of building a social media network”. They claimed a compensation of $65 million and also received $1.25 million worth of shares in the company.
David Marcus, the former PayPal President who is in charge of Facebook’s cryptocurrency team, had a meeting with the senior executives of Facebook to discuss the announcement of their plans. Recently, Facebook had also registered Libra, their Fintech arm, in Switzerland.
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