Meta, formerly known as Facebook, has reignited its interest in cryptocurrencies. This time, the company is exploring a stablecoin solution to facilitate payments for content creators. Following the abrupt shutdown of its Diem project due to regulatory hurdles, Meta’s renewed foray into stablecoins aims to address high transaction fees across borders, particularly on cross-border payments. 5 sources have revealed Meta is actively engaged with crypto companies in discussions about such solutions.
The company has hired Ginger Baker, a veteran in the fintech and crypto space, as VP of Product in January. Baker’s previous roles at Plaid and Stellar Development Foundation underscore his expertise. This move underscores Meta’s commitment to this endeavor. Meta is open to exploring different stablecoin options and prefers a ‘learning mode’ approach, rather than committing to a single provider.
Circle, a cryptocurrency firm, has also been in contact with Meta regarding potential strategic partnerships. Matt Cavin, joining Circle in March after experience at blockchain gaming company Immutable, has engaged in discussions with major tech firms including Meta for collaboration. This renewed effort by Meta is gaining momentum following the CEO Mark Zuckerberg’s admission of the Diem project’s demise.
*This is not investment advice.*