Copy link
Increase text size
Decrease text size
Link copied

Facebook working on own crypto ‘Facebook Coin’: Report

Fri, 01 Mar 2019, 10:08 am UTC

Social media giant Facebook has reportedly held talks with cryptocurrency exchanges about selling “Facebook coin” to consumers.

Anonymous sources told The New York Times that Facebook is planning to launch its own cryptocurrency, which will allow users to send money to the contacts on their messaging systems. Facebook employees have reportedly told the exchanges that they are hoping to roll out the coin in the first half of the year.

The “secretive” project will allow Whatsapp users to send the coin to friends and family instantly.

Facebook ventured into the blockchain universe last May when it launched a blockchain division, which has reportedly grown to a team of 40 members. Last month, Facebook acquired the team behind blockchain startup Chainspace.

Sources familiar with the coin project told the NY Times that Facebook is considering pegging the value of the coin to a basket of different foreign currencies – similar to the concept of stablecoin.

“Facebook could guarantee the value of the coin by backing every coin with a set number of dollars, euros and other national currencies held in Facebook bank accounts,” the report said.

The company is also working on a major overhaul of its messaging infrastructure, which would connect Messenger, WhatsApp, and Instagram. The integration is expected to extend the reach of its token to the 2.7 billion people who use one of these three apps each month.

In addition to Facebook, Telegram and Signal are also planning to roll out their own cryptocurrencies – GRAM and Mobilecoin, respectively.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,721.78 (+0.43%)
  • Ethereum (ETH) $169.00 (+0.83%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $341.05 (-1.85%)
  • Bitcoin SV (BSV) $313.26 (+0.51%)
  • Bitcoin (BTC) $8,721.78 (+0.43%)
Jan 21, 2020 (Tuesday)
12:25
Brave New Coin announces ‘Twitter Sentiment’ data for bitcoin
11:30
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:30
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:23
Monerium to issue its programmable e-money on Algorand blockchain
10:39
Emurgo establishes blockchain task force with Uzbekistan
10:35
Crypto Technicals: XRP/USD pauses at 23.6% Fib, break above daily cloud to see further gains
10:20
Canadian government taps Mavennet for blockchain-based steel tracking platform
09:31
Venezuelan President Nicolas Maduro approves crypto-run casino
09:05
ASIC gives micro-investment app Raiz a go signal for Bitcoin fund
07:43
Indian IT minister asks NIC for blockchain-based solution to improve public schools
07:29
Bank of Lithuania to issue blockchain-based digital collector coins
06:41
Crypto Technicals: LTC/USD extends rangebound trade, upside capped at 5-DMA (58.48)
06:15
UK revenue and customs agency wants to track crypto-asset transactions
05:17
Crypto Technicals: ETH/USD bounces off 200H MA support, 'Dragonfly Doji' raises scope for upside resumption
05:16
MUFG executes first letter of credit transaction on komgo blockchain platform
04:35
Crypto Technicals: BTC/USD rangebound around 200H MA, retrace below channel top could drag the pair lower
03:56
Thai SEC grants license to crypto-fiat trading platform Zipmex
03:36
Binance P2P platform now supports Vietnamese Dong (VND)
Jan 17, 2020 (Friday)
13:42
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:42
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft