With billions of active users each month Facebook is shaping up to be a powerhouse that is here to stay. The empire continues to grow, and according to specific sources, the company is looking forward to launching new services which could make its products even more popular. According to some sources Facebook is currently working on a “Facebook cryptocurrency” which should be released by the end of the first semester of the year.
The information has been offered by Facebook employees who asked to remain anonymous to avoid any potential issues that should appear due to the breach of a non-disclosure agreement.
During the first stage of the project, WhatsApp users will be able to send that Facebook cryptocurrency to any contact. WhatsApp has over 1.5 billion active users each month, so the number of potential users for the upcoming crypto is quite large. Other sources claim that Facebook is confident enough to offer its coin to cryptocurrency exchanges which will then sell it to third-party users. Telegram, another popular messaging app, will also release a digital currency shortly, which will likely serve as a direct competitor to the potential Facebook cryptocurrency.
The Facebook cryptocurrency might make the social network more appealing for crypto enthusiasts
The market opportunities are sizeable since Facebook has the reputation and the resources needed to promote its new cryptocurrency at an international level. If the initiative is successful, the usage of cryptocurrencies across the world could grow exponentially since many users may opt to use WhatsApp to quickly send some cash without the need to use traditional services like wire transfers or Western Union.
The company led by Mark Zuckerberg has declined to answer any questions regarding the alleged Facebook cryptocurrency. It is thought that the popular decentralized protocol could be used to make the service more attractive to people who already use digital currencies in a period when Facebook is losing members.
Some already fear that the cryptocurrency could be used for nefarious purposes by third-party entities. The private nature of cryptocurrencies makes them very popular among scammers and criminals, and it is likely that the new platform could be seen as a new gold mine by some.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.