21 Dec 2018
Is Facebook developing its own cryptocurrency? Close sources reveal details
Rumors have been circling that WhatsApp – which is part of the Facebook family – may be getting a new feature that will allow users to send money transfers through the app. A cryptocurrency development is also in the talks, close sources say.
Bloomberg reported that it’s likely that the new assets will be a stablecoin, pegged to USD, which may result in the currency being available in the US only. Creating a stablecoin will help against potential volatility and will give the users the opportunity to convert the tokens into fiat money.
While there is much more to be done before such a project becomes a reality, Facebook officials have hinted at the idea of native cryptocurrency throughout 2018. Back in January Mark Zuckerberg posted about wanting to educate himself on the subject of cryptocurrencies. Then in May, David Marcus, the former head of Messenger, announced his plans of exploring the possible application of the blockchain tech across Facebook’s platforms and apps. The latter was confirmed once more, when Marcus said verbatim that he was setting up a new group on Facebook, focused on the matter in August.
Other websites like Cheddar and TNW also posted reports, commenting on the potential result of Facebook implementing blockchain and that this may lead to a possible disruption of the entire payments industry.
The recent hires of engineers and blockchain researchers at Facebook may also be attributed to the reported development of a cryptocurrency.
More information on the subject will likely be shared in due time.
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