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LAST MINUTE: Meta (Facebook) Has Started to Show Interest in Cryptocurrency Again! Discussions are Being Held, Here are the Details
According to the latest development, Meta is in talks to use stablecoin after stopping its previous major crypto project.
Meta is stepping back into the cryptocurrency world after a three-year hiatus. It has been learned that the company is now preparing to make a new move in the stablecoin space following the Diem project, previously known as Libra, which was put on hold due to regulatory pressures.
According to five different sources speaking to Fortune, Meta is in discussions with crypto companies regarding stablecoin-based solutions to facilitate payments to content creators. The company also added Ginger Baker, an executive experienced in the crypto and fintech space, as Vice President of Product in January. Baker previously worked as an executive at Plaid and served on the board of the Stellar Development Foundation.
It is stated that Meta aims to reduce high transaction fees, especially on cross-border payments, in its discussions. An executive from a crypto company involved in the talks expressed that Meta plans to make small payments, such as 100 dollars, to content creators in different countries using stablecoin, particularly through Instagram.
It was emphasized that Meta is open to different solutions rather than working with a single stablecoin provider and is in a "learning mode" on this matter.
The cryptocurrency company Circle is also in contact with Meta. Matt Cavin, who joined Circle in March and previously worked at the blockchain gaming company Immutable, is conducting "strategic partnership" discussions with major tech firms including Meta.
Meta CEO Mark Zuckerberg openly admitted the failure of the Diem project at the Stripe conference he attended this week. In a conversation on stage with Stripe co-founder John Collison, Zuckerberg used the phrase "That thing is dead," stating that being early to technological trends is not always advantageous, but they have been successful in returning to the race even if they were late.