The Question of Facebook Coin
April 09 2019 - 12:36PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
April 9, 2019 -- ADVFN Crypto NewsWire -- The saga
continues.
By now, it’s common knowledge that
Facebook is working on its’ own cryptocurrency project, though
details on it have been largely kept close to the
breast.
What we do know is that the
Facebook team is working on a stablecoin that will be used for
in-app currency transfers with Whatsapp, which is of course, now a
firm part of their ecosystem. Furthermore, Nathaniel Popper, who is
well-known as an insider on many different technological topics,
has said that the stability will be determined by an undisclosed
group of foreign currencies.
On top of all of this, Popper added
that Facebook is reportedly looking for $1 billion in funding for
the entire project, though it should be noted that this is not
necessarily all of the funding they will be seeking.
The CoinDesk article that cites
Popper on this subject clarifies that the bulk of the $1 billion
will be used for backing the stablecoin. Therefore, it is logical
to add to this that the money will quickly be transferred into
whatever foreign currencies Facebook plans to back the coin
with.
At this time, what these will be
has not been made public. As CoinDesk points out, however, the main
goal of Facebook’s newest project appears much clearer. They have
undergone a veritable firestorm of criticism from just about every
media outlet over the past year.
Embracing the blockchain will
likely not completely save their image, but it will likely improve
it. Facebook is arguably seen as too centralized. Going
decentralized, even to a small extent could indicate a greater
level of care for their customer base.
Still, all of this is speculation
at this point. The only way to know for sure how things will play
out is to wait for Facebook’s announcements of further details on
what the project will be.
By: BGN Editorial Staff
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