Enter Facebook Financial: All Bases Covered From Crypto to Stablecoins

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Despite regulators across the board giving a cold shoulder to Facebook's ambitious plan to install a worldwide crypto-based payment system called Libra, the company's enthusiasm for moving into the digital payments space is only mounting.

Facebook CEO Mark Zuckerberg also tapped former Upwork CEO Stephane Kasriel to assist Marcus as vice president for payments in charge of Facebook Pay, the solution that the company is currently integrating into its family of products.

These organizational changes reflect further articulation of Facebook's focus on enabling financial activity across its platforms, and they may also be indicative of some strategic prioritizations the company has made with regard to its various approaches to payments - including the Libra stablecoin.

In-app payments promiseMost people who post on Facebook or chat with friends on WhatsApp will switch to another app when they need to make a payment.

A Bloomberg report on the formation of the payments division also documents the consolidating realization within Facebook that allowing users to transact on its apps will go a long way toward keeping people within the ecosystem.

"Payments and financial services have become increasingly more important for the world, and as a result, we need to increase our efforts around making payments and commerce easier for people. We want to empower people everywhere to send money to each other, buy and sell things online, and help businesses grow."

It's only logical that Marcus' experience is now equally indispensable for all of Facebook's payments initiatives - especially given the obvious fact that Libra's initial plan to blitzkrieg its way into becoming a dominant global financial infrastructure has failed.

The face of Kasriel, who will specifically oversee the operation of Facebook Pay, is less familiar to the crypto community.

"We want to be able to give people the ability to make a payment however they choose - debit, credit or Libra digital currencies. We're taking multiple approaches to payments, ranging from Facebook Pay and checkout, which are built on top of traditional payment infrastructure, and longer-term work around Libra with Novi, so that global payment infrastructure around the world can be more efficient, especially for things like transferring money across borders."

Leveraging the wallet proposition, Facebook could expect to fuel Libra's expanding use and also benefit from it.

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