Is Facebook Working on a Cryptocurrency?

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The number of cryptocurrencies is getting close to 10 thousand different coins, and as you already know, some of them are extremely popular with really high worth, while others are known to only a handful of people.

They are getting stronger and in higher demand by the day, and since it is expected for them to completely replace the physical money as we know them, every large company wants their own coin that can maybe even surpass the famous Bitcoin.

Here, we are going to talk about one of the largest brands in the world, and you should keep on reading if you want to learn if Facebook is working on a cryptocurrency.

Why does Facebook need a crypto coin?

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Just like every other huge platform and important people that stand behind it, the CEO of Facebook, Mark Zuckerberg, wanted to create something that will be crypto-based and related to all of his other projects. Not too long ago, the Meta project was shared with the public, and with this, Facebook was rebranded along with the other platforms that this corporation owns, including Instagram and WhatsApp.

As the technological world is advancing, and as more and more people are investing in social media platforms, crypto coins are far easier, better, and safer options than traditional credit cards or other payment methods.

Since the value of every other coin is getting bigger by the day, the people behind the Meta brand started exploring the option to develop and incorporate their own currency that could let users make faster, easier, and better transactions not only on the social platforms but also use them for other things.

This is how the Diem idea was born. The original name of the currency was Libra, and it began its developing process in 2019. The coin was supposed to be released and available for users at the beginning of 2022. As the pandemic started, the value of all large corporations started dropping, and soon after, the value of the cryptos followed.

If you were one of the millions of people who followed this digital currency market, you probably know that the worth of most coins drastically dropped during the middle of 2022. This set back a lot of projects, including Diem.

The project was supported by dozens of professionals and engineers that worked on developing this crypto and releasing it to the public, but there were a lot of different setbacks that were not connected only to the pandemic.

What you need to know about Diem

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When this project started, there were a lot of plans for it, and the initial idea was to help develop a lot of industries and encourage users to invest in something that is going to be worth a lot in the future.

When planning for crypto, there are a lot of things that need to be done, including having support from other brands and companies and collaborating with trusted services that would promote and help trade the currency. As you can see if you visit this site, implementing the right app when trading with cryptos is a must if you want to have the best experience with digital currencies.

The initial idea for Diem was, to first release the coin, then have it available for users via different trading apps and platforms. However, as things were happening with Meta’s CEO, along with some legal problems, this project was put on the side.

There was a huge regulatory pushback, especially after Zuckerberg was involved in some legal issues, and this project seemed to be postponed for a long time. Even though it never fully stopped, as months went by, it seemed that Diem will never see the light of day.

During 2022, and the beginning of 2022, there were some trials and tests were made to see how the general public would react to this new coin. The idea and the effort for this were to allow every person to be able to use digital currencies with ease, and for this coin to be far more stable than other platforms that we can see on the market.

When using cryptos, every user knows that the value can drastically change in a day, and this leads to a lot of stress, and even loss of profits. The idea with Diem was to be stable and to help everyone trade, sell, or buy, without fearing that if they take their eyes off the market data, they can potentially lose thousands.

Even though the ideas that were pitched sounded perfect on paper, with every delay that was happening, Diem’s future got more and more unstable by the day. At the beginning of this year, rumors started that this coin will never be placed on the market and that people who are hoping to invest in it, should put their investments somewhere else.

Plans for the future

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As of right now, the release of this coin, formerly known as Libra has been canceled. The developers backed out of this project, and after all the legal issues that happened, along with the huge regulatory pushback from many counties and individuals, the project was stopped.

Nevertheless, it is rumored that this was just a trial for the developers and owners of Meta and that Facebook is working on another big project that has not been shared with the public yet. There are talks that there is going to be another crypto that should be better planned than Diem, and that we should expect to see it along with the other projects that are planned for the future from this brand.

As of now, there is no official information that Facebook is working on another coin, and the only official statement is that Diem’s development is stopped. However, this does not mean that we should not expect something similar in the future, and we are yet to see if Zuckerberg or any of the other people who are a huge part of the brand are going to try to develop a better version of Diem.

If you want to invest in crypto, you should know that you don’t always have to go with the safest and most expensive currencies and that sometimes investing in new projects can be really profitable. What will happen with the biggest brands and their plans for developing digital currencies is yet to be seen, and maybe Facebook will surprise us with a new project soon.