Facebook has made progress in launching its own cryptocurrency, it has been revealed.
The initiative has been officially titled Project Libra, a trademark the company has been seeking since June 2018 which has now been awarded.
Facebook Coin, the planned cryptocurrency, has been in development for some time and the company is said to be seeking $1bn in investment for the digital tokens. The aim is for Facebook to have its own payment network with a native stablecoin.
Project Libra has officially started work and Facebook is said to be building relationships with several merchants and payment processors, with reports that it is in talks with companies including Visa, Mastercard and First Data.
Earlier this year, it was reported the currency would be traded on popular messaging platform WhatsApp to enable the transfer of wealth internationally.