Facebook returned to its financial ambitions this week, with the announcement of Facebook Financial. Headed up by the co-founder and former lead of Libra, David Marcus, Facebook has set up the new group to focus on commerce and payments on the social platform.
Known internally as F2, Facebook Financial has been set up with the aim of making Facebook a major player in the payment space. The move is the latest to follow on from its ill-fated work on the Libra project.
The team will also focus on payments across the wider Facebook group, including WhatsApp and Messenger payments.
Elsewhere, leading investment bank Goldman Sachs sounded a positive note on digital currencies and digital assets, predicting that the entire financial system could exist on chain over the next decade.
Head of digital assets at Goldman, Mathew McDermott, said everything that can be done today physically will soon be possible on blockchain, echoing the optimism that has long since existed in the sector.
“In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain.”
“So what you’re doing today in the physical world, you just do digitally, creating huge efficiencies. And that can be debt issuances, securitization, loan origination; essentially you’ll have a digital financial markets ecosystem, the options are pretty vast.”
Fundstrat Global Advisors published its latest Bitcoin SV (BSV) market report this week, with profiles of 11 unique companies and use cases in the BSV space. The report said BSV was “enabling the next evolution of internet businesses,” supporting new businesses through its innovative protocol. Check out the public summary of the report here.
Look out for the next CoinGeek Live Conference in New York, coming September 30. With keynote presentations from Tom Lee, the co-founder and managing partner at Fundstrat Global Advisors, as well as Wall Street legend George Gilder and nChain Chief Scientist Dr. Craig Wright, it’s one not to be missed.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.