After 6-months of watchful insight into the crypto market, Facebook has finally calculated a way to profit out of the chaining cryptocurrencies.
On June 26, 2018, Zuckerberg announced his turnaround of the ban over cryptocurrency advertisements; allowing them to float over the social media platform- Facebook.
However, the good news for the crypto businesses came hooked with a proviso. The amended ‘Prohibited Products and Services Policy’ states that the lift only “allows ads that promote cryptocurrency and related content from pre-approved advertisers. But Facebook shall continue to prohibit ads that promote binary options and initial coin offerings.”
Besides, crypto-businesses must follow an application process which will help Facebook open the door for authenticated companies over the board- basis their License certification, listing at any public stock exchanges and motive behind advertisement.
The concerns are no exaggerated views, for as per a recent Satis Group study only 19% of all the ICOs are genuine and fake companies have eaten up millions of customer money thus far.
The initial ban was imposed starting Jan 2018, when Rob Leathern, Product Management Director of Facebook, shared an update relating the Prohibited Products and Services Policy that intended to, “prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
However, the policy was kept open ended with a view to “revisit this policy and how we (Facebook) enforce it as our signals improve.”
January 2018 also saw a New Year Resolution post by Zuckerberg, where he expressed his eagerness to study the blockchain technology thoroughly and discover ways to leverage it into their services.
Perhaps, Zuckerberg has found some commonality between Facebook and blockchain commenting that they both “give power to the people” and hence worthy of exploration.
Evidently, David Marcus, former lead of Messenger (Facebook’s messaging platform) has been assigned the task to explore potential of blockchain for Facebook.
David Marcus is also one of the board members at Coinbase and this is fanning speculations regarding Facebook taking over Coinbase or David Marcus assisting Zuckerberg to air his own crypto coin. Though neither of the two leaders have yet confirmed any of such FUDS.
Following Facebook’s footsteps, Twitter has also sent hints regarding a similar relaxation of ban over crypto ads. The company’s management team visited Tron’s (a crypto coin) office just two days back.
Tron’s founder Justin Sun tweeted:
No matter what the future of crypto space shall unfold, the current buzz around cryptos escaping out of the big doors has proven a good omen for Bitcoin as the market price has been maintained above $6000 (except for just 2 days) since the announcement.
And maybe this news shall send new entrants to the Forbes list of the richest people in cryptocurrency in the coming few years.