Remember Libra? The cryptocurrency introduced by the billion-dollar social media giant, Facebook, complete with its own blockchain and wallet?
Since Libra was unveiled, the world’s largest cryptocurrency, Bitcoin, has broken past multiple resistance levels and was on the verge of storming past $13,000, at press time. Hence, it’s understandable if Libra has slipped out of your head.
However, let’s take a moment and bring Libra back into the mix, considering the likes of Visa, MasterCard, and Uber are backing the cryptocurrency. Libra is also seen as a major retail push, allowing billions of people worldwide to enter the world of digital asset payments using Facebook’s messaging applications.
Instagram, the photo-sharing application acquired by Facebook in 2012, is on the verge of introducing retail payments. Given the prospects of the Libra Project, Facebook’s cryptocurrency could be a key feature of it.
According to a Financial Times report that quoted Adam Mosseri, Head of Instagram, digital “window shopping” will be introduced as part of the application’s long-term vision. This feature will allow customers to “buy goods on Instagram without leaving the app,” all while stalking their ex’s profile.
Emphasizing on the long-term prospects of the payments project, Mosseri stated,
“That world is hyper fragmented. So it’s a very, very long lead time. This isn’t a one-year thing, this is like a five- to 10-year project.”
Additionally, Instagram will focus a lot more on privacy features within the application, courtesy of a direct message reiterating the same from Facebook CEO Mark Zuckerberg to Mosseri.
With no mention of “Libra” or the introduction of diverse payment options into the retail-verse that Instagram will soon provide, the cryptocurrency world is optimistic. Social media chatter suggests that Libra could be added to the photo-sharing application, converting the social media app into a premier retail outlet for millions of users to utilize digital assets for purchases.
The retail inkling might be a sign of Libra’s larger goals, with an e-commerce giant already speculated to be in agreement with Facebook over payment integration.
An executive from Mercado Libre, the South American e-commerce company which operates in over 19 countries, previously revealed that Libra would be integrated on their platform, allowing their customers to pay using the digital asset.
With Libra setting the cryptocurrency market alight despite its release being a year or so out, the ‘GlobalCoin’ has amassed a notable fanbase. Weiss Ratings, the cryptocurrency-centric rankings company, has stated that Libra would oust the likes of JPM Coin, the digital asset introduced by JP Morgan.
According to the big bank, JPM Coin will begin its test phase with a “few clients” later this year and will find application in bond transactions, among other uses. Despite this banking-driven goal and Libra’s retail and remittance centric approach, Weiss compared the two together, with Libra emerging the winner. The tweet read,
#JPMorgan Chase is to start trials of its #JPMCoin in conjunction with corporate clients. Trials are being conducted on the assumption regulatory permission will ultimately be granted. Too little to late. No way #JPM and their consortium can compete with the likes of #Libra.
— Weiss Ratings (@WeissRatings) June 25, 2019
Subscribe to AMBCrypto’s Newsletter