Facebook Runs into Issues with Blockchain Project

There was some fanfare late last week when reports came out about Facebook securing partners for their blockchain based Libra project; Coindesk reports the social media giant has also run into a number of issues surrounding data usage; the publication also said the company has a long way to go until it can be used and that testing would not begin until early 2020; Facebook’s plan is to connect users’ financial data to their Facebook profile, store the data one Facebook databases and connect with external payment processors like Mastercard; how they are storing data has turned potential partners away from the project; Facebook has also been rumored to be throwing a lot of money at talent with million dollar pay packages in a bid to get the best minds working on Libra. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.