Despite its dismal failure when it tried to launch its first version of Libra, the company Facebook has left its mark on the world of digital payment. An area in which it still seems to want to position itself with the establishment of the independent structure Facebook Financial (F2).
Anyone navigating the tumultuous waters of the cryptocurrency universe has heard of Facebook's Libra project . A digital social network currency which tried its luck alongside Telegram's GRAM during the year 2019. This before coming up against the severity of any lobbyist from regulatory bodies , who do not look favorably on the BigTechs come to play on their monetary playground which is a jealously guarded hunt.
Either way, this very failed launch has become a historical fact that marks the development of Point Libra digital currencies . Because there was very clearly a before and an after. A reality that has forced Facebook to revise ambitions in the field . But that did not deprive it of the desire to position itself in this market of the future. Especially if we consider the network of potential users that its different social structures represent. A force that makes it the main competitor feared by China and its crypto-yuan even before the dollar in the digital currency war today engaged.
Facebook moves to F2
In fact, the Facebook group has several distinct payment formulas . This includes the Facebook Pay mobile offer, the WhatsApp Pay solution and the upcoming Libra management portfolio recently renamed Novi. A nebula in which it seemed necessary to do a little cleaning. This is the reason for the creation of the Facebook Financial (F2) group in progress.
Its implementation will be driven by the upcoming integration of the Facebook Pay solution to all of the company's applications , including Instagram for the United States in a few weeks. The former CEO of Upwork and employee of the leader Paypal , Stephane Kasriel, has been appointed vice-president of this structure.
Meanwhile, the Libra Association recently announced the integration of Sterling Daines to its team as Chief Compliance Officer . The latter is stepping down as Managing Director and Global Head of Financial Crime Compliance at Credit Suisse. It looks like Facebook is gearing up for another offensive with its Libra , but this time with all the cards in hand.
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