Shocking but confirm announcement that Facebook is looking forward to getting Cryptocurrency for a new payment network. The Wall Street Journal stated that Facebook is strengthening financial firms and online merchants to start Cryptocurrency.
There has been a report in the past that Facebook is looking to raise $1 billion from investors which is true. The money is expected to drive Stablecoin on a vast social media platform.
Facebook employees are telling that they plan to get a working product out in the first half of 2019.
In December 2018, Bloomberg published that Facebook is looking to acquire a stable coin for its WhatsApp users. The New York Times is presently reporting that “Facebook is looking at securing the value of its coin to a basket of several international currencies, rather than just the dollar,”
New York Times has been in talks with the company representatives and here is what we know
> The stable coin won’t be just available in dollars but also will be available in different currencies.
> The Cryptocurrency will just not be tied to Facebook, but it will act as a stable currency that can be purchased, sold and exchanged.
> The Cryptocurrency is expected to launch by the first half of 2019.
> The number of people working on the project is huge, and also it is highly confidential.
Facebook to Launch a Cryptocurrency-Based Payment Platform
It is expected that Mark Zuckerberg is going to move the Internet toward private, secured and encrypted conversion. This means that whatever conversation you are into with your family or friends will be private and secured.
Mark Zuckerberg said, “I’m reminiscing about going back to decentralized or Blockchain authentication. Although I haven’t reckoned a way to do this task, this is encompassing authentication and granting access to your information and different services.”
The digital currencies will help the user to transfer money on Whatsapp and is expected to start soon from India. “Facebook could assure the worth of the coin by supporting every coin with a fixed amount of dollars, euros, and other national coins introduced in Facebook bank accounts.” Sources
For those of you who don’t have a clear idea about Cryptocurrency, well it is a digital asset which uses cryptography for security. The first blockchain-based Cryptocurrency was bitcoin which is still the most popular and valuable. Let’s see how big Facebook Cryptocurrency market is going to be.