💣 Facebook and Telegram are hoping to succeed where Bitcoin failed
According to five individuals familiar with the project, Facebook is in talks with crypto exchanges and plans to launch its fiat-backed coin in the first half of 2019. The coin, which will primarily be used for Facebook-owned WhatsApp, will help integrate multiple Facebook messaging platforms as well as create a digital payment ecosystem for the tech giant. As of now, some 50 people are working on the coin for Facebook separately from all other operations. As told to the New York Times, the coin will be backed by a basket of fiat currencies held in reserve in Facebook bank accounts.
Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.