Facebook's crypto project echoes board member Peter Thiel's original vision for PayPal - CNBC

Facebook's crypto project echoes board member Peter Thiel's original vision for PayPal - CNBC

"We seek to become the global standard for online payments."

Those were the words PayPal chose to present itself to the world in its S-1 filing when the company went public in 2002 with Peter Thiel at the helm.

Thiel is now far removed from his time as CEO of the payments company, and is better known as a venture capital investor and supporter of President Trump's 2016 campaign. But his vision appears to be intact at Facebook, where he was an early investor and has long served on the board of directors.

Since December, Facebook has been developing a virtual currency based on blockchain technology that could be used by WhatsApp users to send payments to one another, according to various reports. The project is otherwise known as a stablecoin, meaning a currency that will be pegged to the value of the U.S. dollar or another stable currency, allowing it to hold value more predictably than pure cryptocurrencies like bitcoin. [Read More]

Published @ May 8, 2019

Facebook's crypto project echoes board member Peter Thiel's original vision for PayPal - CNBC

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