Potential Facebook Coin on The Horizon
- New information regarding Facebook’s highly secretive cryptocurrency project comes to light in a New York Times article published on Feb.28.
- Citing “four people briefed on the negotiations”, the article revealed that Facebook has already held conversations with unnamed cryptocurrency exchanges about selling the “Facebook coin” to consumers.
New information regarding Facebook’s highly secretive cryptocurrency project comes to light in a New York Times article published on Feb.28.
Citing “four people briefed on the negotiations”, the article revealed that Facebook has already held conversations with unnamed cryptocurrency exchanges about selling the “Facebook coin” to consumers. Same sources revealed that the social media giant is hoping to have a product ready in the first half of 2019.
Facebook will most likely aim to integrate cryptocurrency payments into its messaging services, the NYT pieced together. The alleged plans to overhaul Facebook’s messaging infrastructure, and integrate its three apps (WhatsApp, Messenger, and Instagram), could potentially provide its future crypto token with exposure across 2.7 billion monthly users, the NTY noted.
According to “five people who have been briefed on the Facebook team’s work”, the upcoming coin will most likely be a stablecoin. Rather than pegging its price to that of the dollar, Facebook could guarantee the value of its coin by backing it with several national fiat currencies, the sources said.
The company already has over 50 engineers working on its cryptocurrency project, according to three unnamed sources, and is looking to fill in another 18 blockchain-related positions. In order to keep the project under wraps, Facebook has gone as far as to provide the team with an office with separate key-card access, another two told the NYT.
- The number of merchants and businesses accepting digital assets is increasing steadily, and here are some examples of where digital assets can be used.
- Using crypto for payments can differ slightly from fiat systems, but getting started is not too difficult, therefore learning how to handle digital assets is essential in 2023.
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- Thanks to the emergence of cryptocurrencies and technologies such as blockchain, gambling enthusiasts now have access to a new breed of games: provably fair crypto games.
- Such games leverage blockchain technology and use encryption standards to reassure users that their chances of winning are accurately determined without outside influence.
- The 2.9 billion active monthly users of Facebook are now able to post their digital collectibles and NFTs on their Facebook accounts.
- The feature was first available to a limited number of Instagram users, but was later expanded across 100 countries, with support for Ethereum, Polygon, and Flow blockchains.