Facebook Holds Conversations About Adding Its Tokens On Exchanges
Several major social networks and messengers, including Facebook, are currently working on their own digital currencies. Most of them will launch tokens in 2019, according to The New York Times.
It is noted that the most anticipated among them, Facebook’s stablecoin, will be used for instant transfers in the WhatsApp messenger. The company has recently held talks with cryptocurrency exchanges about adding Facebook token to their listings, as reported by anonymous sources familiar with the matter. The team hopes to launch the coin in the first half of the year.
The stablecoin from Facebook will not be tied to the dollar or another currency only, but to a basket of several currencies. Each token will be supported by a certain amount of dollars, euros, and other fiat money from the company's bank account.
But the question is to what extent is Facebook going to regulate the cryptocurrency? In case the company wants to control users and confirm each transaction on its own, there is no need to create a separate blockchain system, since there are centralized services like PayPal for this purpose. However, if the company gives all control to users, it will not be able to earn money on transaction fees and prevent fraud.
It is known that the blockchain division of Facebook includes 50 employees and is headed by a former PayPal president David Marcus. However, the company prefers to keep its developments in secret and does not share such information even with employees — the blockchain team is reportedly working in the office with a separate access key.
Previously, Facebook founder Mark Zuckerberg called blockchain a rival to the Facebook Connect technology.