While Libra has become quieter in the crypto community, work on completing Facebook's cryptocurrency continues. But the platform hopes für Libra to be more than just a currency for the users. As Facebook CEO Mark Zuckerberg announced in a shareholder meeting, the company is expecting increased advertising revenue through the use of the digital currency.
Thanks to Libra: the likelihood of buying a product should increase
Although some large companies such as PayPal are no longer part of the Libra project Facebook won't give it up. There is still no exact start date for the cryptocurrency, which will be offered to the more than XNUMX billion users of the social media platform. But Facebook investors are already predicted higher sales, which the company wants to achieve with the introduction of the cryptocurrency.
Mark Zuckerberg, CEO and founder of Facebook, said in a shareholder meeting on Tuesday that revenue for advertisers will increase. For Facebook, this also means higher earnings - because with an increasing success rate of advertisers, the prices for advertisements can also be increased.
Because with Libra, it is more likely that customers will buy a product as a result of an advertisement. Mark Zuckerberg said to the shareholders:
When they run an ad, somebody clicks on that ad and is now going to be more likely to buy something because they actually have a form of payment that works that's on file; then it basically becomes worth it more for the businesses to bid higher in the ads. And what we see are higher prices for the ads overall.
It will be interesting to see whether Mark Zuckerberg can keep this promise to his investors. Hopefully, Facebook's crypto project will not suffer the same fate as Telegram's. After long discussions with the authorities, the instant messaging service decided to end its project after years of hard work. The investors in the TON project will probably remain on 72% of their original investment:
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