Late last year Bloomberg reported on rumors that Facebook was developing a virtual currency meant for their world-leading messaging platform WhatsApp. Now reports from The New York Times seem to corroborate this.
Information from the NYT report reveals that Facebook has already discussed the move with cryptocurrency exchanges, and perhaps would be soon ready to roll out their own cryptocurrency.
Facebook has hired around 50 software developers to build their Bitcoin competitor, and the leader of the group is former PayPal president David Marcus. To avoid the volatility of the likes of Bitcoin, Facebook intends to peg the value to conventional currencies.
This would also make the new currency better suited for smaller transactions.
Report also reveals that not only is Facebook trying to get their chips in on the blockchain revolution, but also Telegram and Signal are looking into developing their own currencies.
Facebook has hired around 50 software developers to build their Bitcoin competitor, and the leader of the group is former PayPal president David Marcus. To avoid the volatility of the likes of Bitcoin, Facebook intends to peg the value to conventional currencies.
This would also make the new currency better suited for smaller transactions.
Report also reveals that not only is Facebook trying to get their chips in on the blockchain revolution, but also Telegram and Signal are looking into developing their own currencies.
