According to a report based on insider sources, Meta, having previously abandoned its cryptocurrency project, is poised to make a comeback into the crypto world. The global applications under Meta’s umbrella present a substantial potential market for the use of cryptocurrencies. Last year, Telegram’s TON Coin made significant waves, but Meta’s scale suggests an even more significant impact on the horizon.
Meta’s Crypto Initiatives
Fortune reports that the company managing major applications like Facebook and WhatsApp is preparing to re-enter the cryptocurrency arena. Sources familiar with the matter indicate that Meta is exploring the use cases of stablecoins for payments and is in discussions with US-based crypto companies for development. With a dedicated product head experienced in crypto at the helm, Meta could soon announce new integrations involving stablecoins.
With the election win of Donald Trump, cryptocurrencies have shed their previous status as a fear factor for US companies. Given Trump’s own stablecoin initiatives and the commencement of crypto-friendly regulatory efforts, what regulatory hurdles could deter Meta under the current circumstances? Furthermore, with the potential for substantial profits from the crypto business, there is little reason for Meta to abstain. Consequently, discussions with crypto companies have been ongoing since the beginning of the year.
After abandoning Libra, Meta now appears ready to rejoin the crypto arena. Numerous companies, including Visa, MasterCard, and Schwab, are intensively working on new crypto products. The year 2024 marked the start of institutional demand with the introduction of ETFs. Meanwhile, 2025 is anticipated to be the year where companies from the Web2 sphere, alongside major players of the existing financial system, dive into cryptocurrencies.
