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As Facebook is growing at a vast rate and having a huge business hence the company needs to stabilize the accounts and for that earlier they have had hired many of the employees at their various head offices to look after the accounts but to make it more effective and efficient new decision has been taken by the CEO the Mark Zuckerberg. A new office has been set up in Switzerland and the name is given as “Libra” and it deals with all the financial and payment related queries and will make a detailed report of the transactions being done at Facebook.
The main focus of this office is on the blockchain and on the payments only. As blockchain is being introduced in the trade market very well similarly Facebook is also handling them. On the 2nd of May in Geneva the stakeholder office was opened.
Will Libra response to the comments of the users??
As we have discussed that the office was for the payments and financial administration hence they will not be able to give a quick response to the users immediately. The Facebook users were almost 2 billion in the world and giving reply to them will not be easy and will disturb the work of the financial administration department. Hence, they are more focused to let the financial department work properly and keep the proper check on the blockchain and on the payments.
Why Facebook has decided to move towards cryptocurrency?
The cryptocurrency nowadays is at peak level and Facebook till now is moving forward towards the coin Industries slowly and steadily but now in the second week of May, they have hired two employees for handling the Cryptocurrencies and hence this is showing that they are being more interested in having their accounts emerged with the coin base industry.
What advantages will they get??
As we know that when the payments are done through cryptocurrencies or through the Bitcoins it becomes beneficial in many ways. Like it saves time and as the payment is in between the buyer and the seller and no third party is included between them and hence the trust increases. Even the security level in payments being done by cryptocurrency increases and hence the chances of frauds decrease automatically. Even the chance of losing the money is least which is at a huge level in the share market and as the cryptocurrency is not dependent on the low market or the high market rate and when you purchase them they remain as it is you use them.
Even the ease of handling the accounts of blockchain is easier than other types of payment methods.
What else they required to get all the benefits at Libra?
They have to hire well experienced and educated employees who have good knowledge of the market so that they can handle the accounts well. A good and satisfied team has to be there to run the company smoothly and a proper check has to be taken by the head timely.
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Hence we can say that the decision of opening the separate office for the finance department is the correct decision taken by the company. But now the thing is to see that how the company will handle the projects and they will use both simultaneously and will the decision proves correct in the near future and how much growth will occur after taking this decision and the new opening.
The best way to know all these things is to be in touch with the updated news time to time and by reading what is being done in the trade market.