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. 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.

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