What's Behind Zuckerberg's Interest in Cryptocurrencies
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Facebook (NASDAQ:FB) founder Mark Zuckerberg hasn't said anything much about his decision to study cryptocurrencies in 2018, but there's speculation it could relate to an expansion of the company's mobile-online payment business.
Zuckerberg has previously said he wants to expand that business.
Right now, Facebook facilitates some payment services through its Messenger app.
Still, the business is small compared to the two major players--both of which are controlled by Chinese digital giants
Tencent Holdings' WeChat Pay and Alipay, owned by Alibaba (NYSE:BABA) affiliate Ant Financial, dominate the huge Chinese mobile payment market, and are now expanding aggressively into other Asian markets.
The speculation is that a cryptocurrency-oriented payment service of some kind or even a new coin could give Facebook's business a shot in the arm.
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