According to Insider Sources, Facebook’s stable coin may soon be released this year
The ‘Libra Project’ as its being codenamed, according to a recent report by Bloomberg, Facebook may be getting set to launch its own stablecoin known as ‘FBCoin’ in the third quarter of 2019.
The report says: “Facebook’s blockchain unit now counts 50 employees. Launched last May. Noticeably, about one in every five of the employees used to work with paypal Holdings Inc. A significant number of those employees—about one in five—used to work at a single company: PayPal Holdings Inc. This somewhat or partial reunion,which was driven by the former PayPal president David Marcus, who is also the group leader, is the latest signal showcasing the wider ambition of Facebook to integrate payments into its platform.”
Another report from other sources reportedly said that the social media giant is currently talking potential merchants , the major payment networks like MasterCard, Visa and also payment processor First Data Corp.
Information from The Wall-street Journal (WSJ) says:
“The huge fiat backing was intentionally designed to remove any doubts about FB Coin versus bitcoin and other cryptocurrencies as people already feel it might be the case. The value stability is utmost important in order to have a smooth and good take off, therefore Volatility, they said, should be avoided.”
David Marcus has been heading the facebook Blockchain Division since May 2018 after he left paypall Inc. in 2014 to join Facebook as the head of its Messenger product.
This billion-dollar crypto project investment by Facebook reportedly entails a stablecoin along with a crypto-powered online payments system. This is how the model its likely going to be at the end.
The recent announcement To open up WhatsApp Pay to the world after a successful one year test in India as recently announced proves that Facebook is definitely considering entrance into the cryptocurrency space.
To easily move ‘WhatsApp Pay’ across different jurisdictions, An ‘FB Coin‘ would likely help to make it possible. In addition, the potential release of a FacebookCoin will play a very massive role needed to skyrocket the cryptocurrency user base. Its actually the needed caralyst that would bring about tremendous rise in the cryptocurrency user base.
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