According to the latest development, Meta is in talks to use a stablecoin after shutting down its previous major crypto project.
Meta is re-entering the cryptocurrency world after a three-year hiatus. It has been learned that the company is now preparing to make a new attempt in the stablecoin field, following the Diem (formerly Libra) project, which previously made a big splash but was shelved due to regulatory pressures.
Meta is in talks with crypto companies on stablecoin-based solutions to make it easier to pay content creators, five sources told Fortune. The company also hired crypto and fintech veteran Ginger Baker as VP of Product in January. Baker was previously an executive at Plaid and served on the board of the Stellar Development Foundation.
Meta is reportedly aiming to reduce high transaction fees, particularly on cross-border payments. A crypto company executive involved in the talks said Meta plans to make small payments of up to $100 to content creators in different countries, particularly via Instagram, with stablecoins.
It was emphasized that Meta is open to different solutions and is in “learning mode” in this regard, rather than working with a single stablecoin provider.
Cryptocurrency firm Circle has also been in contact with Meta. Matt Cavin, who joined Circle in March and previously worked at blockchain gaming company Immutable, has been in talks for “strategic partnerships” with major tech firms, including Meta.
Meta CEO Mark Zuckerberg openly admitted the failure of the Diem project at the Stripe conference he attended this week. In a conversation with Stripe founder John Collison on stage, Zuckerberg said, “That business is dead,” and added that it is not always advantageous to be early adopters of technological trends, but even if they are late, they are successful in getting back into the race.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/breaking-meta-facebook-is-showing-interest-in-cryptocurrencies-again-talks-are-underway-here-are-the-details/