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1 week ago

There might be a 2019 Release of Facebook’s Stablecoin.

Facebook is a social media Pioneer and it publicly launched its Blockchain Division since May 2018 with David Marcus, former PayPal employee as the division head. According to a recent report there currently are speculations of Facebook’s preparation to launch it's Stablecoin, ‘FBCoin’ in the third quarter of 2019. With the launch of the division, it didn’t come as a shock that the media giant would delve into the crypto space in earnest.

 According to a Bloomberg report:

“Launched last May, Facebook’s blockchain unit now counts 50 employees. A significant number of those employees—about one in five—used to work at a single company: PayPal Holdings Inc. This quasi-reunion, driven by the group’s leader, former PayPal president David Marcus, is the latest signal of Facebook’s wider ambitions to integrate payments into its platform.”

Some other sources have reported in corroboration to the headline that Facebook has sought investments worth $1 billion and still in contact with major payment networks like Visa and MasterCard about potential support, along with payment processor First Data Corp.

The Prominent Wall-street Journal (WSJ) also reported this:

“The huge fiat backing is further deliberately designed to remove perceived doubts about FB Coin versus bitcoin and other cryptocurrencies. Volatility, they said, should be avoided in order to boost uptake.”

According to the Facebook CEO on the ‘Whatsapp Pay’ feature last month:

 “I believe it should be as easy to send money to someone as it is to send a photo. We’re already testing this in India. We have about a million people. It’s already being used a lot and the feedback so far is great. We’re already working on rolling out in a number of countries later this year.”

The WhatsApp pay feature strengthens the likelihood of a Facebook  Stablecoin to be launched in the nearest future as it may be an option of payment for this new WhatsApp Pay feature.

 

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Credits- Crypto David

Anita O.

Lover of tech and blockchain.

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