Two innovative resources in the technological environment are Facebook (now Meta) and cryptocurrencies. These two concepts have managed to capture the attention of millions of users simply because of their features like a Profit System that can generate your cryptocurrency profit.
Digital currencies represent a day-to-day financial tool whose valuation has been climbing prices that make them expensive digital assets, whose functionality is extensive and have managed to be established as legal tender on various digital platforms to boost finance digitally.
Digital investments are the new way of operating for many people whose constant search for a better quality of life makes use of cryptocurrencies and their versatility.
This feature was the main reason the creator of Facebook, Mark Zuckerberg, used part of his capital and human talent to design the appropriate token adapted to his social network.
Facebook & Its Crypto Project
In 2020, after a pandemic that managed to keep many people at home without being able to carry out their daily activities, it generated a significant boost in the interest and use of cryptocurrencies, which is still relevant to date.
Since Bitcoin was created, many companies gradually became interested in being part of a new technological stage that would make finance completely digital and easily accessible.
Given this commotion of decentralized finance, Facebook 2019 unveiled its cryptographic project known as Libra, a financial tool that, according to its creator, after the impact that Facebook had caused, could be done quickly and comfortably through digital currency payments.
This promising proposal would be linked to WhatsApp and Messenger and, of course, accompanied by an electronic wallet known as Calibra, contributing to the adoption of blockchain technology and its security and transparency.
The backing of this project was based on a set of reliable currencies, in addition to having the support and partnership of sizable traditional finance companies such as Visa and MasterCard.
The project was on track until they had to start managing the other pathologies for it to be a backed digital currency strong enough for Facebook fans to join the project.
Unfortunately for Zuckerberg, it did not work out. He had to give up the token launch since, as if it were a domino effect, various countries, including the United States and Russia, began to speak out against using cryptocurrencies.
It caught the attention of many of those associated with the project, causing them to withdraw and desist from being part of this cryptographic project.
Meta’s strategy has always been to be an alternative for its users and offer services and proposals that capture their attention, which can be of great use or contribution to society in general.
The alliances have been many until PayPal joined the recent project that changed its name where Libra was replaced by Diem, which would be linked to the value of the dollar; the project became a stablecoin, but its launch has not materialized since they are in the process of strategic alliances and regulations.
Meta’s Proposal For Digital Wallets
Meta’s most recent innovation was the creation of an electronic wallet where cryptocurrencies could be sent and received through a simple messaging platform.
The payments that would be made through the chat of this application would be made through a cryptocurrency called Pax dollar; as its name says, it is linked to the dollar’s value.
Meta has not only wanted to mark a new story after the name change (old Facebook) and join the Metaverse but also aspires to lead in some way in the crypto market, only in the face of the critical situation that cryptocurrencies have recently experienced, it has considered the possibility to do it.
The company spoke out to make public that operations through Novi, the Meta crypto wallet, suspended money transfers through WhatsApp chat, to the point that it will disappear.
This decision will come into force on July 21 this year and stop working entirely by September.
An investor’s vision may differ from society’s behavior; there are many exciting projects worldwide that have not been implemented to date, which is why it is not strange that cryptographic projects even fail.
We are facing a complex scenario where many cryptographic tokens and applications are waiting for a significant change that will give many investors their breath back.