Facebook is in the digital currency news for apparently “hoping to succeed where Bitcoin failed” thanks to its highly secretive cryptocurrency project, according to an article that was published today on on New York Times (NYT).
The Times pieces together different contours of the projects while citing anonymous sources.
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According to NYT, Facebook is reportedly aiming to integrate cryptocurrency payments in the messaging services by creating an altcoin.
Notably, the social media giant plans to transform the messaging infrastructure and integrate the three wholly-owned apps which include WhatsApp, Messenger and Instagram under one canopy. This would provide a crypto token with an exposure that goes across the combined 2.7 billion who use the three services every month.
The Times also noted that such crypto-powered payments system is an idea that is pursued by several global messaging giants including Korea’s Kakao, Japan’s Line and Russian’s Telegram.
However, NYT also says that Facebook launched its crypto project which is led by ex-PayPal president David Marcus shortly after Telegram sealed close to $1.7 billion in two private initial coin offering (ICO) rounds for its forthcoming token and the blockchain platform named Telegram Open Network (TON).
According to some rumours and sources close to NYT, Facebook has employed 50 engineers to develop its cryptocurrency. According to others, Facebook’s project will apparently be a stablecoin.
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