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Facebook May Launch its Own Cryptocurrency: Report

Facebook is planning to play an active part in crypto trading by launching its own ICO

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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.

See Also: Microsoft, Twitter and Facebook-All Set to Ban Crypto Advertisements

He says:

“Sources say that Facebook is specifically interested in creating its own digital token, which would allow its more than two billion users to facilitate transactions without government backed currency. Facebook is also looking at other ways that it could use this core blockchain technology that underpins these popular cryptocurrencies like bitcoin and Ethereum.”

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.

See Also: Goldman Sachs Bank Decides to Start Crypto Trading

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Tanveer Ahmad

Tanveer Ahmad is an experienced writer with deep insight into a variety of niches. His prominence lies in the detailed attention he puts to unveil the hidden aspects of his subject. His analytical approach to bring to the surface the futuristic possibilities of anything he writes about, especially on cryptocurrencies and politics are commendable. He eagerly wants a space to write about anything that could help humans develop positiveness in their behavior and to fine-tune their thought process to become an ambassador of peace, harmony, and love.

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