For people actively in the cryptocurrency industry (like ourselves as we have many such clients on our portfolio at CFM Group such as My Hardware Wallet and Crypto Tax Helper), the battles with Facebook (subsequently Instagram) advertising, boosting and even posting specific images is a longstanding one. Nonetheless, in a twist a few months ago, it became widely spread that Facebook itself was seeking investors for its new cryptocurrency offering and platform.
The Wall Street Journal reported new potential details about Facebook’s long-awaited cryptocurrency plans. The company is reportedly seeking dozens of business partners, including online merchants and financial firms, in an effort to extend the reach of its blockchain-based marketplace. Facebook’s potential cooperates and partners were being asked to pitch into an investment fund, valued at approximately $1 billion, that would serve as backing for Facebook’s coin and mitigate the wild, speculative swings that make cryptocurrencies like bitcoin hard to spend. The pitch involved offering merchants lower fees than credit cards.
As Facebook has rapidly focused its energy and efforts into its building a cryptocurrency payment platform for its social network – codenamed Project Libra -it is also rolling back its 2018 banishment of cryptocurrency-related ads from its platform. Project Libra which will reportedly let users use digital coins to make purchases on Facebook and third-party sites is till to launch but its potential has forced facebook to re-open its platform to other cryptocurrency companies and pages online.
It actually announced this in a blog post saying that it will once again allow advertising related to cryptocurrency and block-chain. Previously, only a limited number of pre-approved advertisers were permitted to run crypto-related ads.
While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency,” said the social media website.
However, even though cryptocurrency ads are allowed once again on the Facebook platform,advertisements for initial coin offerings (ICOs) will still be rejected for the foreseeable future. If history proves accurate, Google may follow Facebook’s lead and once again allow cryptocurrency advertising too as they do tend to follow each other hand-in-hand in such occurrences.
Conclusively – and considering the Bitcoin price surge the past few days – the move is demonstrative of maturity in the cryptocurrency markets as fewer scams and greater recognition of existing projects may have swayed Facebook to change its position. We will keep you updated on any information on the subject and please feel free to let us know your opinion blow and how the ban-lift affects your business.
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