Facebook a US-based company is trying to launch its Cryptocurrency project and is probably trying to avoid mistakes done by bitcoin, By successfully Launching its cryptocurrency across all its acquired platforms, According to the report published by the New York Times, on 28 Feb.
As per the statements released by anonymous sources the Social networking platform is trying to integrate the new Cryptocurrency project with its messaging platforms to promote the service.
Generally, Facebook is restructuring its messaging platforms and eventually going to combine all of its messaging platforms which include Messenger, Whatsapp, and Instagram under one single platform, This is going to help its new cryptocurrency to be able to get almost 2.7 Billion users.
The new Crypto-powered Payment system is already adopted by many Messaging giants including Russia-based Telegram, Japan-based Line app, and Korea’s Kakao. According to the New York Times, this is a hotly pursued idea and would easily help Facebook to gain more customers without investing any money and making maximum use of its userbase.
As per the New York Times report, Facebook launched its Cryptocurrency payment project soon after Telegram (A Russia based messaging platform) closed two private ICO deals work $1.7 Billion USD for its Cryptocurrency and Blockchain Based platform.
Facebook has a team of more than 50 Engineers working on its crypto payment platform, Also as per the report, the company has given the employees separate office space with Key-card restricted entry to ensure privacy and secrecy of the project from other employees.
The New York Times report also states that the company has already started shopping its coins around different cryptocurrency Exchange Platforms. Back in 2018, Facebook planned to Introduce its Cryptocurrency coin for the Whatsapp users and the reports confirmed that the coin will be a stablecoin.
As the cryptocurrency is becoming a trend and after a massive failure of Bitcoin all other cryptocurrency companies are trying to give more stability and transparency to its users, Also from last year many Regulations and Laws were introduced for Crypto Companies which are affecting the Market. Although Facebook is one of the biggest social networks with over one billion active users on its parent domain It would be interesting to see if it turns out to be a successful Cryptocurrency offering platform.