Facebook currently has more than 50 engineers working on its new cryptocurrency that is simply referred to as Facebook Coin. The news broke a couple of hours ago and already has the whole crypto community buzzing. The new token is said to be released in the first half of 2019, meaning soon.
The New York Times reported that Facebook is already in talks with various exchanges to list the token.
What we know about Facebook Coin so far
Last year, Bitmart wrote that Facebook hired a dedicated blockchain team who were looking into the possibility of using blockchain tech to Facebook’s advantage. This year, Facebook has been advertising a lot of vacancies for those looking to work on the project. The Facebook project is currently being run by David Marcus, former president of PayPal.
Read Bitmart’s blog ‘Facebook re-joins cryptocurrency world’.
Please note that ‘Facebook Coin’ is not the confirmed name of the token and is simply used for reference purposes in this blog.
More details emerge
Apparently, Facebook Coin will be a stable coin and will be used for WhatsApp messaging services. Facebook owns WhatsApp and users can send tokens to family and friends. It is reported that Facebook has more than 2.5 billion users across the globe every month. The coin will furthermore be used in Messenger and Instagram messaging services.
It’s about time Facebook, WhatsApp and Telegram users get a cryptocurrency/blockchain service. In China, people can shop to their heart’s content using the WeChat messaging system. They simply have to credit their WeChat account and when paying for a product, scan a QR code and bob’s your uncle.
Last year Telegram raised $1.7 billion during the ICO phase of its very own cryptocurrency. Telegram has more than 300 million users across the globe.
The new token payment system by Facebook and WhatsApp will open the door to many new and existing crypto consumers.
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