Home News Facebook May Announce FB Coin Stablecoin in Q3, Say Anonymous Sources

Facebook May Announce FB Coin Stablecoin in Q3, Say Anonymous Sources

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Social networking big Facebook is hiring PayPal employees forward of its alleged cryptocurrency launch, Bloomberg reported on May 8.

Facebook, which has courted rumors over its deliberate entry into blockchain and payments for round a yr, might launch its personal token as quickly as Q3 2019, nameless sources advised the publication.

The firm started hiring for a devoted blockchain crew final yr, below the auspices of David Marcus, himself a former president of PayPal.

Now, round 20% of the crew’s 50 members come from the funds platform, a state of affairs paying homage to the so-called “PayPal Mafia” govt group of the early 2000s.

Known for its progress in the then nascent e-payments enviornment, the group included now well-known entrepreneurs with a penchant for cryptocurrency — Elon Musk, Reid Hoffman and Peter Thiel.

As Cointelegraph reported, Facebook’s cryptocurrency debut will probably take the type of a stablecoin dubbed FB Coin.

According to sources final week, the corporate is in talks with Visa and MasterCard surrounding the enterprise, whereas it’s in search of investments totalling $1 billion.

An extra supply told the media that Facebook had acquired the “Libra” trademark for the token, which will probably be pegged to the U.S. greenback and have a range of applications.

Sources from Facebook itself have declined to touch upon the developments.




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