Facebook, the social networking giant which owns the popular WhatsApp messaging app and image-based Instagram, is gearing up to launch a rival to bitcoin as soon as next year as it accelerates plans to diversify its revenue away from advertising. Facebook has been known to be interested in developing a rival to bitcoin since December, with the project codenamed Project Libra. Earlier this month a U.S. venture capitalist said the recent revelations about Facebook working on a bitcoin rival have "lit a fire in the pants of every U.S. major [financial technology] and financial institution. "Bitcoin has gone from zero users ten years ago to somewhere between 30 million to 100 million–the estimates are tough. It's thought Facebook has been eyeing a move into broader financial services since hiring former PayPal president David Marcus in 2014, who also became head of the company's blockchain division.

Source: Forbes May 24, 2019 06:25 UTC