Facebook is likely to introduce its own cryptocurrency as early as the first half of this year. As per reported in the New York Times, the social media giant has a dedicated team of 50 engineers to work for the company’s blockchain project. The company has built a dedicated office for the crypto team with separate access key cards to limit access to the facility.
The Facebook cryptocurrency has been earlier reported it as a stablecoin for WhatsApp messaging service. The stablecoin will be unique as it will be pegged to multiple foreign currencies rather than just USD as it will help to minimize volatility and will give a stable value to the coin.
According to people with direct knowledge, the company is working on to connect its secure messaging apps (Messenger and WhatsApp) with Instagram to extend its reach to over 2.7 billion global users. And, as per plans, the stablecoin is expected to be initially launched in Asia with special focus to India, due to huge populations and large user base of Facebook products.
Facebook will leverage its large user base of approximately 2.5 billion global users to make a rapid ingress with cryptocurrency among masses, which the Bitcoin has failed even after 10 years of launch. But like all other, Facebook’s cryptocurrency also needs to overcome all the technical and regulatory hurdles that have kept many cryptocurrencies against going mainstream.
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