Is Facebook About To Release Its Own Coin?

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According to an article in the New York Times published Feb 28, Facebook wants to “succeed where Bitcoin failed”.

We’ve heard many rumours about the social media giant working on its own cryptocurrency, but now we are finally hearing a little more details.

NYT’s sources remain anonymous and apparently only agreed to speak under that condition, so we have no way to verify the news, but what we hear is quite interesting and it does make sense.

Apparently, Facebook plans to integrate cryptocurrency payments within its three messaging apps – Instagram, Messenger and WhatsApp. This would create quite an exposure – with 2.7 billion people using those services each month, this is some serious audience for a brand new coin…

Facebook is reportedly employing over 50 engineers to work on its cryptocurrency and according to anonymous sources – it has already begun shopping its coin to crypto exchanges.

As for the coin itself, the NYT’s sources claim that it will be a stablecoin pegged to not one, but three diffent national fiat currencies. The project is such a secret that those working on it were given an office with a separate key-card access to avoid any possibility of details coming out.

Based on the NYT’s article those security measures did not work out exactly as planned, but hey – this is the XXI century and it is getting harder and harder to keep secrets these days.

 

Images by Shutterstock.com

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