2021-10-20 20:00:26
Facebook Metaverse Drive Could See Diem Stablecoin Play a Key Part. Facebook’s decision to partner with the crypto exchange Coinbase on its pilot for the digital wallet Novi is attracting scrutiny from tech, political, and crypto observers – and some are starting to believe that the long-awaited Diem stablecoin project may soon play a key role as the company continues its drive toward a metaverse-themed future.
As reported yesterday, Coinbase will provide custody and cold storage services to a select number of users, making use of the Pax Dollar (USDP) stablecoin in Guatemala and the United States.
But as Facebook pivots toward the metaverse, the signs are pointing toward a future that will likely involve a combination of virtual worlds and Diem.
Facebook’s founder Mark Zuckerberg started talking up his metaverse plans in summer this year, and industry observers say that these plans are nothing if not grand – a bid to Facebookify the world, no less. As the dawn of Web 3.0 approaches, Facebook wants to reinvent itself as a crucial central point of a coming tech revolution.
Arguably a close thing to an existing metaverse thus far has been the runaway Sky Mavis hit game Axie Infinity, whose in-game currency is the Ethereum (ETH)-based axie infinity shards (AXS) token.
A similar Facebook-led metaverse venture could seek to do the same with Diem.
Any metaverse plan would almost certainly involve some form of digital currency. And in the long term, this is less likely to be an established stablecoin like USDP – and more likely, some would suggest, to be a token that Facebook has been working on behind closed doors for a number of years, namely Diem (formerly Libra).
Not everyone in the world of social media appears to be happy about Facebook’s new direction. The Twitter founder and bitcoin (BTC) proponent Jack Dorsey chimed into a metaverse discussion with a bleak-sounding warning about what the future might look like if Zuckerberg gets his way.
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