It would seem Facebook is about to bet big on cryptocurrencies. That is at least according to a fresh article from The New York Times, alleging that Facebook is ”hoping to succeed where Bitcoin failed”.
”Facebook Coin” might be integrated with Facebook Messenger
Specifically, The New York Times’ piece takes a closer look at Facebook’s own cryptocurrency project, a highly confidential venture which is still shrouded in secrecy.
Nevertheless, the news publication was still able to gather some information regarding the project, citing multiple sources who requested to remain anonymous.
Put simply, the project is supposedly going to allow Facebook to integrate cryptocurrency payments into its highly popular messaging service. This comes as Facebook has been known to plan a dramatic overhaul of its messaging infrastructure.
In fact, rumors have swirled for the past months that Facebook intends to integrate the messaging features of WhatsApp, Instagram and Messenger (who are all owned by Facebook) into one unified messaging channel.
It is unclear exactly how this would look, but integrating cryptocurrency payments natively into this unified messaging offering would certainly be an interesting move.
The Times points out that this messaging omnichannel could give cryptocurrency tokens a massive exposure, seeing as the three services jointly reach 2.7 billion users each month.
Furthermore, this article also states that Facebook is currently working on a cryptocurrency coin which users of WhatsApp could reportedly use to send to friends and family. Moreover, the article says that Facebook has already held talks with cryptocurrency exchanges for a potential listing of this ”Facebook Coin”.
Nonetheless, Facebook is not the only company looking to integrate cryptocurrency-powered payments into its messaging offerings. Telegram is notably also working on a cryptocurrency coin – as are other messaging services, such as Signal, Kakao and Line.
In fact, Facebook is indicated to have launched its own cryptocurrency project as a response to, or at least following, Telegram’s massive ICO last year.
Facebook has reportedly doubled down on secrecy for its cryptocurrency project
What’s more, Facebook appears to have adopted an almost Apple-esque level of secrecy for its cryptocurrency. Facebook is said to have amassed over 50 engineers dedicated to developing the upcoming cryptocurrency, according to unnamed sources.
The project is supposedly being kept so tightly under wraps that the cryptocurrency team has been granted an office with separate key-card access in order to keep details of the project private from any other Facebook employees.
Furthermore, sources are claiming that the upcoming cryptocurrency will likely take the form of a fiat-pegged stablecoin. However, five unnamed sources have indicated that it will likely be tied to the value of three different fiat currencies, instead of just one.
Although nothing has been confirmed as of yet, this report from The New York Times certainly lines up with last year’s blockchain-related job listings posted by Facebook.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.