FB Coin, Face Coin, Facebook coin…
There are a lot of names for the reported launch of a cryptocurrency for Facebook which are circulating in the cryptocurrency news right now. On top of that, the crypto token race is on between one of the world’s largest internet and messaging monopolies.
Facebook has expanded its own blockchain division when it acquired the team from the London-based Chainspace earlier this month. According to the New York Times, the social media giant is already working on a cryptocurrency coin to let WhatsApp users send and receive payments to each other.
Even though many users are bashing Facebook for its privacy issues and the fact that the platform simply cannot be trusted with information (let alone money), the CEO Zuckerberg believes that the Facebook cryptocurrency will simplify things and add a lot of new features for users.
What’s interesting is that with this, Facebook directly competes to Telegram and its recent raise of about $850 million in a second round of funding last year, possibly to launch the Telegram Open Network (TON) by October this year.
Facebook is in a slight advantage here mainly because of the billions of instant users using the WhatsApp – compared to Telegram which does not have the same advantage. However, since the largest social media giant (Facebook) is secret with its approach for the new crypto coin, it is also throwing resources at the project and has over 50 engineers working on it, according to rumours.
So, we better expect something big from Facebook, right?
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