Is Facebook Going to Issue Its Own Cryptocurrency?

A lot of rumors have been recently going round about Facebook and its possible connection to the digital assets world. There was no specific evidence to prove such a claim, but little hints would make the community suspicious every now and then.

What we have known so far

For instance, a few months ago Facebook published an announcement listing job applications for blockchain specialists for the whole department of the company devoted to this technology.

Then we mentioned a few more details about the alleged development of Facebook cryptocurrency obtained by Bloomberg from the sources that chose to remain unknown, however, there was still no clear proof.  

New details of the mystery project

Now the picture is getting clearer. Although we still do not have any official statements or direct evidence, this time all the information was carefully collected from multiple sources close or even working for Facebook, so now we have more grounds to believe that some time soon we will witness FB’s own cryptocurrency.

According to the research conducted by New York Times, Facebook has been working on its secret project for quite some time. It is kept so private that all the people engaged in it have separate access cards and are strictly prohibited to discuss any details of their work with anybody. Allegedly, there are around 50 people involved in the project.

The new Facebook coin will be meant specifically for the social media WhatsApp, Messenger and Instagram, which the company owns. This will give the opportunity to expose the future cryptocurrency to around 2.7 billion people, who are using these platforms every single months.

Furthermore, one of the anonymous sources claimed that the digital coin of Facebook is going to be a stablecoin, backed up not by one, but by three fiat currencies.

The article also mentioned the fact that almost all popular messengers and social media platforms are planning to launch their cryptocurrencies:

Telegram, which has an estimated 300 million users worldwide, is also working on a digital coin. Signal, an encrypted messaging service that is popular among technologists and privacy advocates, has its own coin in the works. And so do the biggest messaging applications in South Korea and Japan, Kakao and Line.”

Thus, we can draw a conclusion that the Facebook coin is definitely in the making and will soon see the world.

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