Facebook held talks with Mark Zuckerberg's arch rivals the Winklevoss twins for a partnership on the company's new cryptocurrency

winklevoss

  • Mark Zuckerberg may be ready to forgive the Winklevoss
    twins, who sued him for stealing their idea of a social
    network.
  • Facebook has held talks with Gemini, the bitcoin
    billionaires’ cryptocurrency exchange, about its planned digital
    coin, according
    to the Financial Times
    .
  • The social media giant has been working for more than a
    year on a coin that its users can safely store, exchange, and make
    purchases with, according to reports.
  • Watch Facebook
    and bitcoin
    trade live.

Mark Zuckerberg may be ready to forgive the Winklevoss twins,

who sued him for stealing their idea of a social network
.
Representatives from Facebook and the pair’s Gemini cryptocurrency
exchange have held talks about the social media giant’s planned
digital coin, according
to the Financial Times
.

Cameron and Tyler Winklevoss, classmates of Facebook founder and
CEO Zuckerberg at Harvard University,
became billionaires after investing in bitcoin
. They also

founded Gemini
, which secured approval from New York regulators
last year to launch the Gemini dollar, a digital currency pegged to
the US dollar.

Facebook has been working for more than a year to create a
currency that its two billion users can use to transfer money and
make virtual and real purchases, the FT reported. The company has
discussed the secretive initiative, code-named “Project
Libra
,” with “dozens of financial firms and online merchants”
including Visa, Mastercard, and payment-processor First Data,

according to the Wall Street Journal
.

The social media giant has met with Jump and DRW, Chicago’s
largest high-frequency trading firms, as well as cryptocurrency
exchanges including Coinbase and Gemini, according to the FT. It is
probably assembling the partners and digital infrastructure needed
for its users to safely store their digital coins, exchange them
for other cryptocurrencies or conventional currencies, and make
payments.

Facebook is working on a virtual checkout that would allow users
to pay with its coin across the internet, according to the Journal.
It’s also exploring ways to reward users with fractions of coins
for watching adverts, engaging with content, and making purchases,
the newspaper reported.

The prospect of a Facebook coin lifted cryptocurrencies on
Friday. Bitcoin climbed 5% to around $7,960, while ethereum and
bitcoin cash jumped about 7% and litecoin surged 11%.

SEE ALSO: Facebook
is working on a secret plan — code-named ‘Project Libra’ — to
build a cryptocurrency network


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Source: FS – All – Economy – News
Facebook held talks with Mark Zuckerberg's arch rivals the Winklevoss twins for a partnership on the company's new cryptocurrency