Technology Giant, Facebook is seriously planning to become an active part of crypto trading by launching its own digital currency. Facebook is a huge tech giant as it keeps $140 larger market cap than the whole crypto industry. The rapidly growing industry has attracted many renowned and successful names despite its controversial nature. Senior journalist Alex Heath has reported that the company is focusing on a research on benefits of blockchain and releasing a virtual currency. Let’s see when the news about Facebook Cryptocurrency becomes official but right now the news has appeared on various websites including big names like CNN and The Financial Times.
The Scope & Purpose of Facebook Cryptocurrency
Ulike other digital coins who strive hard to raise funds for developing an ecosystem for launching their crypto currency, this is a different case. It seems that the company whose market cap is way larger than the whole crypto industry won’t launch an ICO. It has a well established and successful platform and a customer base. The currency will allegedly be used by more than 2 billion customers of Facebook. It is needless to say that it will be highly successful.
Facebook Cryptocurrency will Bring Credibility to Crypto Industry
Crypto industry is undergoing a tough period under harsh bans and strict restrictions by regulators and other influential institutions. Even Facebook has banned ICO advertisement of cryptocurrencies. Facebook’s entery into this venture will bring credibility and trust among traders and other influential sectors. With this trust the industry will grow at a pace which it deserves. This might pave the way for financial institutions and regulatory bodies to form regulations for crypto traders. The decision might force the governments to facilitate crypto trading.
Telegram also Launched their Crypto Coin
Telegram has also launched its own digital coin and has raised more than 1.7 billion dollars through its Initial Coin Offering (ICO). It launched a third-generation ledger (blockchain) called Telegram Open Network which is doing exceptionally well in the market. Another social media player facilitating messenger services, KiK has also launched their coin called Kin. So Facebook is not the first to enter into this most rewarding market but it is an exception since it does not aim to launch an ICO thinking that it might hurt their repute.
How President of Paypal Foresees it
Marcus, the former president of Paypal, a digital payment firm is in favor of digital currencies and his experience with paypal makes him most relevant to talk about the issue. He foresees the currency of Facebook as a successful entity in the market. However, he thinks that it might be ‘years away’ before we could see it on the surface.
The overall industry is facing resistance but it is still doing something to acknowledge its worth. Its an irony that the organizations and institutions banning crypto trading and transaction at one stage are adopting it. You can’t deny the impact of digital currencies to become the future currency soon.