Facebook Inc. (NASDAQ: FB), which lately has a market capitalization of around $750 billion, employs more than 52,000 people and generated more than $70 billion in profits last year, has created a new organization for invoices and virtual business opportunities.
David Marcus, co-creator of the Pound Stable Coin initiative, will lead the team, Bloomberg reports.
Called F2 internally, which is short for “Facebook Financial”, the team will manage all payments-related projects for the social media giant who also owns WhatsApp, Instagram, among many other companies.
The team will also analyze the ongoing progression of Facebook Pay, which is Facebook’s universal payment platform that it aims to offer across all of its apps.
Marcus will continue to manage Novi, the department that develops the virtual portfolio for Libra’s monetary or constant payment system. In the past, Novi was called Calibra, but it was recently renamed.
Marcus will also be guilty of WhatsApp bill projects, which have recently begun to provide new ones in countries like Brazil (but have been suspended through the country’s reserve bank) and India. Facebook has appointed Stephanie Kasriel, former chief executive of Upwork, as vice president of payments. She’ll report directly to Marcus.
Facebook shares fell 1.5% to $264.26 on August 10, 2020, after peaks.
This most recent announcement seems to be one of the last steps aimed at bringing the company’s products and programs closer to the Company based in Menlo Park, California, in a more organized way.
Over the more than two years, Facebook has invested heavily with resources to rename Instagram and WhatsApp to make consumers more than also owned the social media giant.
Mark Zuckerbeg, CEO of Facebook, showed that the company will integrate all of its messaging features so that others can access them more easily.
Marcus commented:
“We have a lot of business on Facebook. It’s as if it’s the right thing to optimize the strategy at the corporate point around everything like payments.”
Zuckerberg said in a call for second quarter 2020 effects that he was excited about the company’s business functions in its messaging applications.
He noted that as invoices become less unusual or become more and more through Messenger and WhatsApp, the company may be offering similar installations in “more places”.
Christian Catalini, co-creator of Libra, explained in detail last year how Facebook’s allocation aims to allow monetary inclusion.
In December 2019, Fintech TransferWise began allowing users to make foreign invoices on Facebook Messenger.
Earlier this year, the Pound stable currency project, such as Bitcoin (BTC) and Ethereum (ETH), was known as one of the peak active projects.