Could Facebook’s Cryptocurrency Enter the Market Sooner Than Expected
By Tyler Smith – Crypto Investor
There have been ongoing rumours that Facebook has been researching and developing their own cryptocurrency with new reports surfacing. The firm has been noted in discussion with exchanges to exchange Bitcoin or sell crypto through their platforms for the ‘Facebook Coin’.
A report released by the New York Times suggests that employees at Facebook are already trying to get the cryptocurrency to the exchanges for the product to be released and available by the first half of the year. By doing so, buying and selling crypto for the Facebook coin becomes possible.
Not many details have been disclosed about the project except that Mark Zuckerberg wants the company to focus on the decentralised properties of cryptocurrencies and blockchain technology. Though decentralisation is a benefit for the users, Facebook is not likely to gain financial benefits from implementing decentralisation.
At the end of last year, it was suggested that Facebook was looking to introduce a stablecoin for their WhatsApp platform. This stablecoin would keep a stable value through smart contract mechanics and the company has since revealed the possibility of integrating a cryptocurrency into both Messenger and Instagram. Users could sell cryptocurrency received through these platforms using the exchanges and potentially in the future, cash out crypto from this through our platform.
Facebook has a user base of over 2bn. That combined with WhatsApp, Messenger and Instagram totals 2.7bn users, a huge audience and exposure to drive the adoption of the new cryptocurrency. With such huge potential, a cryptocurrency released by Facebook will certainly influence the markets.
Head over to our site for the most current news in the cryptocurrency markets. You can also sell Bitcoin UK or cash out crypto to fiat through our platform so check it out!