Facebook has had its fair share of attempts when it comes to integrating finance features into the platform. Now, the company is set to give more details of its cryptocurrency plans on June 18, according to German magazine WirtschaftsWoche.
The cryptocurrency — which is expected to be named Libra — will be attached to a number of other cryptocurrencies. Libra is set to help Facebook’s global users provide payments to each other without the hassle of international fees associated with credit cards. The coin and its zero-fee will be transferable to each of Facebook’s properties, Instagram and WhatsApp.
Facebook isn’t the first big name company to create its own crypto. In February, JPMorgan began testing out its own cryptocurrency JPM Coin, which is based in U.S. dollars. The bank said it plans to expand to other currencies once the prototype has been thoroughly tested, but the coin is specifically for business-to-business transactions.
Facebook’s crypto, contrastingly, will be for its users and could spark a greater trend of consumer-focused brands turning to cryptocurrencies as a way to ease their users’ experiences.