Facebook enters the world of crypto money: Diem comes to life at the end of the year
The US social media giant Facebook is entering the rising trend of the last period, the crypto money market. The project, which the company calls Diem, is expected to be implemented by the end of this year.
The US social media giant Facebook is preparing to enter the cryptocurrency exchange that has taken the world by storm. Taking its first steps in this regard in 2019, Facebook announced a project called ‘Libra’.
However, the problems experienced in the project and the scandals experienced by Facebook regarding data security had dragged Libra into an inextricable chaos. Major partners such as Visa and Mastercard had withdrawn from the project. Experts worried that the creation of international digital currency by a social media company like Facebook would pave the way for illegal activities and money laundering.
Facebook Libra Became Facebook Diem
Facebook has since reshaped its cryptocurrency project. The new name chosen for the cryptocurrency was announced as Diem. According to the news of US-based CNBC, the date of Diem’s implementation has been determined. Accordingly, Facebook aims to start using Diem by the end of 2021.
Diem, which will enter the market as a stablecoin, will allow customers to exchange money among themselves. In addition, Diem owners will be able to use crypto money when they want to buy goods and services.
Diem, the American social media company Facebook, Inc. It is a permissioned blockchain-based payment system proposed by The plan also includes a special currency implemented as a cryptocurrency. The currency and network are not yet available and only the beginner experimental code has been released.
WHAT IS STABLECOIN?
Stablecoins are cryptocurrencies in which the price is designed to be pegged to a cryptocurrency, fiat currency, or exchange-traded commodities.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.