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Facebook Planning Cryptocurrency Launch

Tech-savvy investors have been talking about Bitcoin and alternative cryptocurrencies for quite some time now. While the subject isn't exactly brand new, it's recent enough that it hasn't yet gained the mainstream exposure that some expected. However, this might be changing thanks to some well-known brands, including the likes of Facebook and Telegram, which have recently shown interest in launching their own lines of digital coinage.

A Not-So Secretive Project

Facebook's next venture is one of the worst-kept secrets in recent memory. While the social media giant hasn't officially unveiled their plans to the public, we already have a significant amount of details surrounding their new platform: a cryptocurrency that can be exchanged via WhatsApp. Since Facebook already owns WhatsApp, the move could quickly solidify Facebook as a major player in the cryptocurrency market – and it might be happening sooner rather than later.

According to confidential reports, officials with Facebook are already discussing their plans privately with various cryptocurrency exchanges. It's expected to launch in 2019. The news was originally broke in December 2018.

In fact, this isn't even Facebook's first foray into the world of virtual currency. Although all of their efforts have quickly faded out, they launched Facebook Credits in 2011, Facebook Gifts in 2012, and Facebook Messenger Payments in 2015.

Technically, Facebook's planned cryptocurrency will exist as a type of stablecoin. It varies from traditional forms of cryptocurrency, like Bitcoin, in the fact that its value is directly tied to the U.S. dollar. This is also likely to increase the mainstream appeal of their product even further, and potentially far beyond the reach of Bitcoin and similar offerings.

It also uses blockchain technology – which could boost its popularity amongst techies and those who have previously invested in blockchain-based cryptocurrency. While all of this looks good on paper, it will be interesting to see exactly how it plays out.

Recent Recruitment and Acquisition Efforts

Facebook's internal blockchain team has also been highly publicized, too. In fact, the company is bolstering their roster through a combination of hiring and acquisitions. According to recent estimates, they're trying to fill 20 different roles that are directly related to blockchain development.

They've also acquired and hired the professionals responsible for the innovative project, Chainspace. According to a Facebook representative, the team is: "exploring ways to leverage the power of blockchain technology," and: "This new small team is exploring many different applications."

While this doesn't necessarily confirm the social media giant's upcoming cryptocurrency, it certainly lends even more credibility to a rumor that has already received a great deal of publicity over the past few months. Despite the buzz that's already been created, it's important to note that nothing is official until Facebook announces it – and they have yet to do so.

For up-to-date information regarding this story, please stay tuned to Facebook's official website at {{|}}. Although they've been tight-lipped as of yet, time is already running out in 2019 – so we should receive some news within the coming weeks.


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