Facebook’s cryptocurrency plans could rake in $19 billion in revenue for the social media giant. This is according to Ross Sandler, an internet analyst with Barclays. In a note to investors, Sandler stated that ‘Facebook Coin’ provides a new and lucrative avenue for Facebook to dominate payments.
The Menlo Park, California-based company has grabbed the headlines for the wrong reasons in the recent past. It was at the heart of the Cambridge Analytica data breach scandal. It also had other smaller scandals such as the sudden resignation of the founders of Instagram. All these culminated in the loss of confidence by its users on its ability to protect their data.