After a year of almost no news at all on Facebook's secretive Blockchain division , and if or how The Social Network might be planning to utilize the digital currency exchange process, we're now starting to get some leaks and notes. And if the reports prove accurate, it could be one of the most significant shifts for company, and could sway the trajectory of eCommerce more broadly.
Facebook's Cryptocurrency Project
Back in March, The New York Times reported that Facebook would soon be seeking to launch its own cryptocurrency offering, which would enable users of Facebook's apps to easily exchange money between friends, without additional fees. Seemingly, the main focus for this option would be the Indian market - India sees the highest amount of funds sent between family members via remittance, which the proposed process would facilitate.
Facebook would obviously love to expand its presence in India, the world's second most populous nation, while starting with these types of payments would give Facebook the grounding to expand the same to other funds transfers, housed within Facebook itself, enabling simplified international currency exchange. Now reports have suggested that Facebook may actually be looking even bigger than that. According to The Wall Street [...]