By CCN Markets: Blockchain.com Head of Growth Haider Rafique believes that Facebook’s Libra project will be a boon to cryptocurrency as a whole, for numerous reasons. As Head of Growth at Blockchain, adoption is the executive’s primary drive, and he believes Facebook’s crypto entry will…
As Head of Growth at Blockchain, adoption is the executive’s primary drive, and he believes Facebook’s crypto entry will have a positive impact.
The growth expert laid out his case for Facebook’s potentially positive impact on cryptocurrency in an exclusive interview with CCN.
He also revealed Libra’s “unspoken advantage” as it seeks to make its blockbuster entry into the crypto industry.
For starters, despite its myriad of scandals, Facebook scores high on name recognition and trustworthiness metrics.
Rafique admits he has always been bullish on the new “Big Blue,” Facebook, but makes a valid point: for better or worse, people still like the social media platform just enough to keep using it.
Recent events may even ultimately suggest that the majority of people are either too busy to care or do not care at all about their data, how it’s used, or whether or not Facebook pursues a “healthy” business strategy.
Like any network, Facebook grows by giving the customer what she wants: access to her friends and family, around the world. Thus the only thing that will displace Facebook is a better Facebook.
Long ago, Facebook morphed from a semi-exclusive network to a stable of apps, many of which can be monetized. But Rafique also believes that for Mark Zuckerberg and friends, the primary value of Libra will be its ability to attract even more users.
In some parts of the world, being able to swiftly enter the digital economy by simply creating a social media account will be a huge advantage.
The fire cools somewhat when one considers how much US customers need additional payment options – not at all.
Still, Rafique says that any blockchain company is going to focus on capturing the US market as much as possible, and Facebook will be no different. He projects that they will do their best to play nice with the US government, who have already opened multiple inquiries into the social media giant’s new financial play.
So, what do Facebook and Libra mean for companies like Blockchain.com, who offer crypto wallet and blockchain data services? In the eyes of their head of growth, it means the company can expect more clients and people with wide-eyed interest in crypto. Rafique sees his company’s role as helping people get on board as quickly and easily as possible.
Despite everything, perhaps even despite Facebook, crypto is just not simple on the surface. To fully understand it, people will have to use it.
The social media giant will provide this opportunity at some unknown point in the future, but how much will it steep them in the economy? Rafique has a simple answer: a LOT.
He told CCN that the unspoken advantage of Facebook is its existing payment on-ramp, which will enable it to, if it chooses, force the issue. The company could tell advertisers, marketplace users, and so forth, that they must first purchase Libra to use these services.
With such a huge platform, the company swings a mighty stick in somewhat forced cryptocurrency adoption.
The prevalence of real-world businesses accepting the crypto might perhaps soften the blow. Being forced to buy and potentially take something like Libra doesn’t necessarily put you out, so long as you’re able to liquidate it for what you need. Rafique tells us:
“The people who are on Facebook that have no interest in crypto, may potentially be incentivized into using crypto to transact on Facebook’s ecosystem. You know, you already have on-ramps. You can already put your card information on Facebook to engage in a number of different paid services. They already have a peer-to-peer payments tool. So Facebook might say, ‘Look, Facebook enables you to do your business around the world at a fraction of the cost.’ […] Even on a bad day for Facebook, when they drive adoption, it’s going to be bigger than most of the existing crypto firms out there.”
We also discussed the prospect of Facebook hiring blockchain talent. Showing admiration for the firm’s crypto chief, David Marcus, he said he would bet on the team there.
This article was edited by Josiah Wilmoth.
Last modified: January 11, 2020 12:56 AM UTC