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Facebook Is Working On Launching Its Own Cryptocurrency: Report


Big internet companies with global reach including Facebook, Telegram, and Signal plan on taking the world of digital coins to the mainstream audience, something the most cryptocurrency startups have failed to do. Over the next year, these platforms plan to allow users to send money through the new cryptocurrencies to their contacts via the messaging systems that can move across international borders, according to a New York Times report.

Facebook Is Working On Launching Its Own Cryptocurrency: Report

The report said that Facebook is secretly working on a coin that the users of WhatsApp, the instant messaging platform that it owns, will be able to send instantly to their friends and family. In fact, it is so far into the operation that the social network giant has held conversation with cryptocurrency exchanges on selling this new formed coin to customers.

The report further said that similar operations are reportedly on at Telegram, which has an estimated user base of 300 million worldwide and at Signal, an encrypted messaging platform popular among technologists and privacy advocates.

However, these companies are likely to face the same regulatory and technological hurdles that did not allow Bitcoin to go mainstream. A lack of central authority like a bank or a government has made it easier for fraudulent activities while the design of computers that are used to manage these make it difficult to handle a significant number of transactions.

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