FaceBook May Launch FB coin in Q3

The leading social networking giant Facebook is hiring Paypal staff for its cryptocurrency project reported by Bloomberg on 8 May.

There are rumours that Facebook will launch its own cryptocurrency coin this year is supported by anonymous source those said that the FB coin will launch as soon as Q3 2019.

The firm is hiring for a professional blockchain team under the support of David Marcus, a former president of PayPal.

Facebook blockchain team is still not ready to comment on the product. The blockchain team have 50 members and 20 percent of them come from “PayPal Holdings Inc”.

What is FB Coin

According to the sources, Facebook is planning to launch a stablecoin (that is backed by US dollar) and will be used for payments across WhatsApp and Messanger App.

The first country that may test the stablecoin is India because Facebook has a large user base in India and FB coin will be used for payments across the social messaging Apps.

Facebook has already tested bank payments via WhatsApp Pay in India. At Facebook’s developer conference, Mark Zuckerberg said that the firm will soon expand WhatsApp Pay in more counties.

“There is still a lack of clarity on what Facebook is going to do, but it looks like the long-term vision is creating a sort of marketplace model within Facebook,”

Harshita Rawat

Bitcoinik earlier reported that Facebook will launch its own stablecoin in Q2.

Facebook has not commented on anything about the launch of its own cryptocurrency.

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