The Facebook stablecoin is a popular topic on our altcoin news site lately, mostly because of the attention that is going on around the most dominant social network. According to sources close to Bloomberg, Facebook is hiring PayPal staff ahead of the cryptocurrency launch.
Meanwhile, Facebook is a subject to a lot of rumors over its planned entry in blockchain and payments for around a year. According to news, the Facebook stablecoin may come as a token launched as soon as Q3 2019, as anonymous sources told the publication.
“According to Facebook insiders, the blockchain group is developing a stablecoin, a type of digital currency pegged to the U.S. dollar or a basket of currencies, making it less prone to swings in price. The first country that will test the new currency is said to be India, a region that is particularly appealing for Facebook because it still has room to expand. The product could eventually allow users to transfer money for remittances via WhatsApp through stablecoin,” the report featured on Bloomberg said.
After hiring a dedicated blockchain team last year, the company apparently works under the auspices of David Marcus who is a former president of PayPal. Right now, around 20% of the 50 members in the team at Facebook come from the PayPal payments platform – commonly known as the “PayPal Mafia” executive group of the 2000s, as many best cryptocurrency news sites describe them.
The group includes a lot of famous entrepreneurs with a penchant for cryptocurrency including Elon Musk, Reid Hoffman and Peter Thiel, all of whom are linked to the Facebook stablecoin that is dubbed FB Coin. As anonymous sources say, the coming altcoin news could also see Facebook partnering with Visa and MasterCard to surround this venture while seeking an investment that would total $1 billion.
In the latest cryptocurrency news, we saw another source tell the media that the company recently acquired the “Libra” trademark for its token which will be pegged to the US dollar. The Facebook stablecoin will also have a range of applications. However, there is no official confirmation by Facebook or a comment on the developments.
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