NYT: Facebook to Introduce Own Cryptocurrency in First Half of 2019

The social network Facebook is creating a stablecoin backed with several fiat currencies and is already actively offering exchanges to add it to the listing.


According to anonymous sources of The New York Times, the social network Facebook is working on its own cryptocurrency. A new coin should be backed with traditional currencies.

Facebook plans to integrate its cryptocurrency in three applications - WhatsApp, FB Messenger, and Instagram. Each month, these applications are used by more than 2.7 billion people worldwide. Potentially, each of them will be able to use Facebook stablecoin.

NYT sources also say that Facebook is already actively negotiating with crypto exchanges to add its cryptocurrency to the listing. The NYT does not name the exchanges involved in negotiations.

At the same time, social network employees promise exchanges to finish development of cryptocurrency by the end of the first half of this year.

In general, the social network project employs more than 50 people under the leadership of the former PayPal CEO David Marcus.

In December 2018, Bloomberg reported that Facebook was developing stablecoin. Representatives of the social network do not comment on such information. However, this does not prevent Facebook from actively building a blockchain-department. For example, in January 2019, Facebook aqui-hired the entire team of blockchain startup Chainspace.

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