At Consensus 2019, Olaf Carlson-Wee, CEO of Polychain Capital, spoke on Facebook’s new stablecoin and what it could mean.
A new approach to future tech
Carlson-Wee spoke at the “To the Moon and Back” panel, claiming that an open blockchain would be the best approach for Facebook:
“I think given all the problems that Facebook has had with policing their platform and things like that, I think that the strategic move for Facebook would actually be to build public infrastructure. And that public infrastructure could be incorporated onto all the Facebook platforms, which of course are proprietary. But that public infrastructure, if they don’t try to own it, I think that’s where they will have the most success.”
Of course, he’s referring to the constant policy changes, information leaks, and other controversies surrounding the social media platform. Essentially, Carlson-Wee thinks that by allowing the public to participate in the control of the platform, Facebook can’t be the only ones held accountable for any issues.
“The people that made the internet aren’t responsible for everything that’s said on the internet,” he continues. “If big technology companies want to put their resources toward building public peer-to-peer crypto infrastructure, I would be ecstatic.”
Of course, for this to be true, Facebook’s stablecoin has to be real.
As reported earlier this month, news came out that Facebook was hiring ex-PayPal employees to build its own stablecoin. According to anonymous sources, Zuckerberg’s platform hosts around 50 employees in its blockchain division at this time. Members include David Marcus, who was once president of PayPal.
Moreover, there are rumors that the stablecoin will test in India. This is a space where Facebook is still trying to break into. And, some believe that the stablecoin will be tradable within WhatsApp.
Regardless of what they’re doing, there’s a lot of knowledge over at Facebook’s blockchain division. The same people who were once wondering how to buy Bitcoin with PayPal are now working on a platform that supports cryptocurrencies. Who knows? Maybe the new platform will be an entire cryptocurrency wallet for people to store their assets on Facebook.