Facebook launching its own crypto in the next few months, talks to exchanges

March 01, 2019
Darya Karatkevich

Despite Facebook trying long enough and hard enough to hide its blockchain and crypto developments from the public eye, it became no longer feasible. From several sources inside the company, confirming the launch of the cryptocurrency, to the extensive New York Times feature story published on February 28th, everyone knows now that Facebook is developing its coin. Because of how gigantic the platform is (over 2.7 billion people use Facebook daily, worldwide), experts predict that Facebook’s move into cryptocurrency is in fact that magical stepping stone towards the mass crypto adoption.

facebook logos

According to several sources inside the company, currently, Facebook is talking to exchanges and planning to list their cryptocurrency there. It is anticipated that in the next few months they will also start releasing tokens.

The cryptocurrency Facebook is working on will reportedly be a stablecoin, pegged not only to U.S. dollar, but to a variety of supported foreign currencies. According to the sources, users across all platforms that are owned by the company would be engaged, from WhatsApp and Facebook Messenger to Instagram.

According to the Times report, over 50 Facebook engineers are currently dedicated solely to the blockchain project. Additionally, the company is looking for over 20 blockchain positions more to be filled.

Even though Facebook holds one of the dominant spots in the U.S., they are not the only player in the field of mass adoption right now. Telegram, another popular messaging app, has released an official statement that their crypto project is “almost completed.”

Post written by Darya Karatkevich
Darya is a blockchain market observer with 5+ years of experience as an author and editor for major tech blogging platforms. Her fortes are blockchain technologies and solutions, cryptocurrencies and crypto-related regulations.

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