The very secretive cryptocurrency token by the social networking giant Facebook could go live as soon as Q3 2019, as reported by Bloomberg on May 8. In addition, Facebook is hiring PayPal staff ahead of the alleged launch.
For about a year or so, rumors have suggested Facebook has been romancing with blockchain and payments aimed at Asian markets. Fueling the rumor mill further, anonymous sources told the publication that the social media giant could launch its own token as soon as Q3 2019.
The initial rumored were penned after the company began hiring a dedicated blockchain team last year, under the auspices of David Marcus, a former president of PayPal. Around 20% of the team’s 50 members currently hail from PayPal, a situation quite similar to the so-called “PayPal Mafia” executive group of the early 2000s.
Recognized as a pioneer in the then-nascent e-payments arena, the PayPal group included now famous entrepreneurs with a penchant for cryptocurrencies, such as Elon Musk, Reid Hoffman and Peter Thiel.
As reported earlier, the secretive cryptocurrency by Facebook will likely be a stablecoin dubbed FB Coin. As per sources last week, the company was in talks with Visa and MasterCard regarding the venture and investments totaling $1 billion. Moreover, a further source revealed that Facebook had acquired the “Libra” trademark for the token that will purportedly be pegged to the U.S. dollar and have a range of applications.
Facebook has declined to comment on the developments. In related news, Facebook has revised its policies over Cryptocurrency And Blockchain Related Materials, allowing Ads pertaining to blockchain tech, industry news, as well as events and educational materials for cryptocurrencies could now be displayed on Facebook without prior approval.
Image Source – Pixabay.com