Ironically, if they’d gone for normal boring payments like the Asian messaging apps, instead of following the crypto fashion, they’d be a giant bank by now.
They did on WhatsApp for India and it’s the only somewhat successful system they have rolled out afaik.
Or they could have used an existing crypto instead of making up new one.
AKA that time Facebook tried developing a payments product on the premise that KYC and AML laws didn't apply to them.
To be fair, apart from pesky regulations and “outdated 1980s banking rules”, I’d bet Facebook do a way better job of “knowing their customer” than any traditional bank does…