Oct 17, 2019

Podcast: Libra's future

Facebook is moving forward with its Libra cryptocurrency, even as Congress wants answers and big-name financial services partners drop out. Dan digs in with Bloomberg tech reporter Kurt Wagner.

Go deeper: Facebook pushes forward with Libra despite distrust

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Mark Zuckerberg assailed from all directions in Hill marathon

Photo: Chip Somodevilla/Getty Images

More than 50 members of Congress barraged Facebook CEO Mark Zuckerberg from all directions at a six-hour House Financial Services Committee hearing on Wednesday that ranged far afield from its ostensible topic — Facebook's cryptocurrency project, Libra.

Driving the news: Instead, Wednesday's hearing focused on Facebook's handling of discrimination and civil rights and its lack of diversity, its role in elections, free speech and content moderation, monopolistic behavior, anonymity, terrorism, child sexual abuse, and more.

Go deeperArrowOct 23, 2019

Zuckerberg will push cryptocurrency as remedy for inequality

Mark Zuckerberg. Photo by Zach Gibson/Getty Images

Facebook CEO Mark Zuckerberg will tell the House Financial Services Committee Wednesday that Facebook's Libra cryptocurrency project will help bring millions of people who don't use banks into the financial system and help the U.S. overcome global challenges from China and other competitors, according to an advance copy of his testimony.

The big picture: Libra has faced skepticism and headwinds from lawmakers and regulators. Several financial services providers announced as launch partners, including Visa, Mastercard and Paypal, have since bailed on Facebook's effort to create a global digital currency.

Go deeperArrowOct 22, 2019

Facebook debuts payment system, taking on Venmo

Illustration: Sarah Grillo/Axios

Facebook on Tuesday announced Facebook Pay, an online payment system that will allow users across its services to send payments to one another. The new product, separate from its Libra cryptocurrency effort, puts the social network giant in competition with Venmo and others.

Why it matters: Once again, Facebook will be asking users to hand over more sensitive information when it is under fire for how it manages the information and access it already has.

Go deeperArrowNov 12, 2019