The past few weeks a lot rumors have been flying around about Facebook and its possible connection to launching its own digital assets; a Facebook coin. Facebook’s Mark Zuckerberg said they were “looking into” cutting out the intermediary in the log in process. Far too soon to say that Facebook is going blockchain, but… it does very much look like Facebook has the blockchain more than on the radar.
A few months ago, Facebook published several listing job applications for blockchain specialists, stating they would be devoted to this technology. Later Bloomberg added the alleged development of Facebook’s cryptocurrency. Allegedly, as the source remained unnamed. So, even without a lot of evidence, just a hint was enough to set the community in a virtual tailspin.
Although it looks like the smokescreen is abating, we still do not have a clear picture – or perhaps better said an official statement – of what, how, who and when. But there is a lot more reason to believe that Facebook will soon launch its own cryptocurrency.
The New Your Times delved into it, and they claim Facebook had a secret crypto project for quite some time already. So secret apparently, that those employees working on it have special access cards and are under strict instructions not to discuss their work with anybody. The NYT claims there are 50 people working on the project.
It is expected that the Facebook coin will be specifically tied to WhatsApp, messenger and Instagram, all owned by Facebook. By its sheer reach, this would potentially give access to the 2.7 Billion users who use those platforms every single day. One of the anonymous sources went on by claiming that the digital coin is going to be a stablecoin, backed up not by one, but by three fiat currencies. Facebook being an American company a pegging to the US dollar seems likely.
By countering the adverse effects of price volatility, this would definitely make it a cryptocurrency for global payments. It is even speculated that a pilot would start in India; needless to say, a huge market in numbers but also in the demand for peer to peer payments.
Although nothing set in stone, and yet to be revealed, it is a pretty safe assumption that the Facebook coin is in the making virtual certainty.