Will The Facbook Coin Soon Become A Reality?

In a report published in The New York Times, social media giant Facebook Inc. revealed its plans to launch its cryptocurrency, The Facebook Coin to process its in-app payments across its multiple apps.

Facebook is all set to launch The Facebook Coin as early as by the first half of 2019.

According to the article published by the NY Times, Facebook is in words with several cryptocurrency exchanges for listing the Facebook Coin. It will be a stablecoin backed by three fiat currencies.

The Facebook Coin project, which was initially reported by Bloomberg as a stablecoin for its WhatsApp messaging service, will actually be used across all the three Facebook-owned applications; Facebook Messenger, WhatsApp Messenger, and Instagram according to the New York Times Report. In this way Facebook coin will reach to over 2.7 million users of the three platform, combined.

Other social media services have already begun their work regarding their own cryptocurrencies. Telegram Messenger founder Parel Durlov had announced similar plans to launch its own cryptocurrency GRAM last year. It had raised more than $1.7 billion for the Telegram Open Network or TON. It is scheduled to launch in March 2019 which would have a market capitalization of more than $30 billion as is being predicted by analysts. Japanese Giant Messaging App: Line as well as South Korean Giant: Kakao had also revealed their plans of launching their own cryptocurrencies last year.

As far as blockchain is concerned, Facebook has been continuously working with the technology but how far it wishes to implement it on its platforms has not yet been revealed. Last month, Facebook had also acquired Chainspace, a blockchain startup.

Earlier, in an interview, Mark Zuckerberg had mentioned that he plans to integrate blockchain technology into Facebook Login. After facing a data security breach last year, Zuckerberg might now turn towards blockchain technology for bringing in data security aspects for all of Facebook.