08 July 2014 / Seeking Alpha –
Summary
- In April reports surfaced that Facebook was seeking approval from the Central Bank of Ireland to start a service to allow users to send/store money on its platform.
- Facebook recently hired PayPal President David Marcus to lead its Messaging Apps (a potential avenue to expand into payments).
- David Marcus was an adamant supporter of Bitcoin prior to joining Facebook.
- Remittances are a $500B low hanging fruit ripe for disruption.
- Apple may have finally opened the doors for Bitcoin Apps within iOS.
Introduction
A little over 2 months ago, Facebook (FB) made headlines for reportedly trying to obtain approval with the Central Bank of Ireland to send and store payments on its website.
The Guardian provided slightly more information in its publication on the matter:
Facebook is preparing a money transfer service in Europe that would allow it to compete with the likes of Western Union, while giving users the option of storing money with the social network or buying items online.
The US tech firm is seeking regulatory approval in its European base in Ireland for “e-money” status, which would see it issue digital credits that can be converted into cash by recipients…… Read more
http://seekingalpha.com/article/2303995-facebook-ready-to-enter-digital-payments-via-bitcoin
