Early last year, like most major tech companies such as Google and Twitter, Facebook dropped the ax on any advertising related to cryptocurrencies. It later softened its stance and rumors have been circulating that the social media giant was planning on introducing its own stablecoin, the Facebook Coin. That project is apparently gathering steam and the company is hoping to “succeed where Bitcoin [BTC] failed.” Of course, with its track record of compromising user data and security breaches, it might have a different opinion of what is considered success.
According to a New York Times (NYT) article, Facebook is preparing to introduce its stablecoin to its messaging services. The news outlet explains that the company will restructure its three messaging platforms—Messenger, WhatsApp and Instagram—to be managed under one umbrella, thus enabling the Facebook Coin to be used by a combined 2.7 billion users.
A payments system powered by crypto could also be included. It would operate from within the messaging system and is an idea that is already being pursued by other messaging companies, such as Telegram and South Korea-based Kakao. In fact, Facebook launched its program shortly after Telegram secured $1.7 billion through two initial coin offerings (ICOs) for its Telegram Open Network (TON) project.
Some 50 engineers are reportedly now involved in the Facebook project, according to unidentified sources who spoke with the NYT. Other sources told the media outlet that the project is secret even from company employees, with all individuals working in a separate space with separate access not given to other Facebook employees. Those sources also told the media outlet that Facebook has already begun discussing its new stablecoin with exchanges in anticipation of having it listed on those platforms.
Some industry experts expect the Facebook Coin to see resistance as it tries to receive regulatory approval on a global scale. However, this could the impetus of the company’s negotiations with exchanges, as those platforms would ultimately be responsible for managing the coins and vetting customers.
According to the NYT, the sources have told the exchanges that the stablecoin will be ready during the first half of this year.
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