We know Facebook has been hiring cryptocurrency professionals and constructing a blockchain team for a while, but the scope, strives, and timeline of the project are all uncharted.
A new report by the New York Times claims Facebook is planning to propel its own cryptocurrency as early as the first half of this year.
According to the report, Facebook has several blockchain-based assignments in recollection, but the one that’s more likely to start first is a type of stablecoin. These are cryptocurrencies tied to the value of traditional assets, such as fiat currency or amber; the NYT’s generators claim Facebook is looking to launch a stablecoin whose importance “wouldve been” held to a basket of currencies.
This is in line with an earlier report which claimed that Facebook is looking to launch a cryptocurrency to enable Whatsapp consumers to do remittances.
The brand-new report, however, claims that the project is advanced enough that Facebook is talking to cryptocurrency exchanges about registering the copper, which could launch as early as the first half of 2019.
Earlier this month, following an acquihire of the team behind crypto projection Chainspace, Facebook told Mashable that the company is “exploring ways to leverage the superpower of blockchain technology.”
“This new small-time crew is exploring many different works, ” a Facebook spokesperson said at the time.
But the Times report says the team isn’t actually that small, with more than 50 engineers is currently working on the project.
The report too highlights messaging apps Telegram and Signal, claiming both of them also plan to roll out their cryptocurrencies over the next year. Telegram’s massive initial silver provide( ICO ) which never departed past the private funding stagecoach is well documented. As for Signal, its founder Moxie Marlinspike is an advisor to a private crypto payments stage called MobileCoin which raised $30 million in funding this year and is apparently looking to raise the same extent this year as well.
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