Facebook made an announcement on Wednesday allowing companies to run crypto ads on its services. It will give investors more access to cryptocurrencies.
Strict Regulations on Crypto Advertisements
Facebook has rolled back its ban to promote more crypto usage among businesses.
A ban on cryptocurrency ads brought in January 2018 prevented crypto companies from advertising on Facebook.
In May 2019, it scaled back its ban on crypto ads, which were insufficient for businesses. Small companies and start-ups could not reach out to new customers on its platform.
Meta, earlier known as Facebook, says that it will now accept 27 regulatory licenses instead of 3. Small companies can now place ads on Facebook if they meet at least one out of the 27 licenses. It will help small retail businesses to contact more people through advertisement facilities. New users will gain exposure to using crypto tokens and attract more investments. The announcement from Facebook brought cheer to the crypto market amid the fear of the corona variant, omicron.
Earlier, small businesses could not work on blockchain technology due to the high regulatory standards. The lifting of the ban will stimulate more investors into the crypto industry. It will bring in mass adoption, says Zuckerberg.
Mark Zuckerberg intended to bring crypto on Facebook to help users make online payments and make them easy to access.
David Marcus Resigns
David Marcus pushed for cryptocurrencies on Facebook and an executive in it since 2018. Novi is the cryptocurrency wallet launched in October. It allows users to send and receive crypto on its Paxos blockchain company, released in two countries, the US and Guatemala. However, it faced stiff backlash from regulators for the new digital cryptocurrency. It is now renamed Diem but not released for public usage.
Jack Dorsey, the CEO of Twitter, stepped down from his position. With his departure came the announcement from David Marcus to quit Facebook. â€śI have plans on various entrepreneurial projectsâ€ť, says Marcus. He joined the Facebook Company from PayPal. Marcus promoted blockchain technology and headed the crypto sphere at Facebook. He created a name for himself with his new technical approach in the crypto sector. Blockchain technology is the new facility that is changing the world.
Mark Zuckerburg made a post on Facebook expressing his gratitude to Marcus for his work in the crypto space, especially in Meta.
Facebook Allows Crypto Ads
Facebook provides access to more than 3 billion people across the globe. Almost every person uses Instagram, Facebook, and WhatsApp. Facebook, now known as Meta, will have cryptocurrency ads on it.
The crypto sector has become more regulated and safer for users. Small and retail companies will benefit from the rollback of stiff regulatory controls. Blockchain technology has carved a niche for itself in making payments easier across the globe. When small companies are able to place advertisements on Facebook, it will capture a larger user base.
Investors can gain easy access to cryptocurrencies now, says Meta. It will become easy for companies to adopt crypto in their regular payments, which will bring in mass adoption. People can convert fiat money into crypto money when they get a higher exposure to the crypto world.
Earlier, businesses interested in the crypto sector faced heavy regulatory measures. They had to disclose their licenses and other details. However, they need not disclose such information now.
Blockchain technology has become popular as transactions are swifter and cheaper. Big corporates are using crypto payments and adopting blockchain technology for global trade. Companies like Visa and PayPal allow crypto payments.
Metaverse will Revolutionize the World
Just as Facebook and Instagram changed the way people communicate, the Metaverse Company will revolutionize the world, says Zuckerberg. Facebook, now changed to Meta, intends to start a new world built on virtual reality through the Metaverse.
Facebook changed the way people connect, and Meta has intentions to bring in a vibrant change in the way people reach out to one another. Meta planned to bring a more immersive experience to rebuild its range of services. Meta will help people connect and grow businesses, says CEO Mark Zuckerberg. It will help to sustain the communities with new tools.
Bitcoin Prices Recover After New Covid Variant Scare
Bitcoin prices fell last week, fluctuating between $58,000 and $54,000. Fear over the covid-19 new variant omicron hit cryptocurrency prices. The new virus discovered in South Africa brought a swift response from Europe and the UK. Border restrictions from and to South Africa complicate economic recovery.
However, Bitcoin saw a surge in prices towards $56,000, after dipping to $54,000 last week. Meme coins Shiba Inu and Dogecoin saw significant gains this week. Solana saw a surge in prices from $190 to $230 this week, increasing by 21%.
Ethereum prices rose to higher levels again, trading just below $4,500.
Though crypto prices show recovery, the virus scare continues to dampen price movement in the crypto market.
On one side, the covid variant scares people in the financial sector, while the Facebook announcement brought cheer to retailers in the crypto world.