Victoria Wagner Ross wrote a piece on Examiner.com about Facebook getting into the money transfer business. One analyst stated that they see this as a potential boost to Bitcoin and crpyto currency in general down the line.
Facebook is advancing its reach to provide a money transfer service in Europe from a base in Ireland. The Guardian announced on Monday that Facebook was seeking the e-money commerce status to issue digital credits for conversion into cash for its customers.
Storing the money within the social network would allow Facebook opportunities to compete with Western Union and give storing of money within the social network options to buy online. It currently allows within apps forms of money transfer in the US through payments within the King games of Candy Crush Saga and Farmville games. Facebook gets a 30% cut from that action the same as Apple takes 30% from its game and apps in its Apple stores when an app is purchased.
What does this type of e-commerce system do for cryptocurrency Bitcoin in global money transfers and payments? Thomas Alvarez, Coincove’s bitcoin-based remittance specialist, sees Facebook’s market entry could remove the stigma from monetary services attached to social networks. That attitude of global transfers and payments is a plus for the bitcoin industry.
Boost VC founder and CEO, Adam Draper, finds the bitcoin lining in this as the big ‘Net’ companies tackle the issue of transfers and payments, and states, ‘this is exciting, it means that the big companies are playing in the same space.’
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