• November 24, 2020

Facebook is privately in discussion with Crypto exchanges for listing its tokens

Facebook is privately in discussion with Crypto exchanges for listing its tokens

Ever since the news of Facebook’s secretive blockchain project has surfaced, the team has made huge progress in creating dollar pegged stablecoin. Now, the social media giant is reportedly in discussion with crypto exchanges to list tokens on their platforms.

As reported in the New York Times(NYT), Facebook is taking a leap forward “hoping to succeed where Bitcoin failed“, by releasing its own crypto token on different messaging services – Whatsapp, Messenger, Instagram.

Of course, Facebook has remained light-lipped without revealing much of the information, but anonymous sources claim that the company has quietly met with multiple bitcoin exchanges to discuss using their platforms to issue the token to consumers. Elaborating on the same lines, the author of NYT explains that,

The Facebook project is far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers

The idea of crypto-based payments is pretty hot among the different messaging platforms, such as the Korea’s Kakao, Line in Japan, and Russian-developed Telegram. All of this is a clear indication that the future of payments system belongs to blockchain based cryptocurrencies.

Reportedly, Facebook launched its crypto project which is led by ex-PayPal president David Marcus shortly after Telegram had sealed close to $1.7 billion in two private initial coin offering (ICO) rounds for its forthcoming token and blockchain platform Telegram Open Network (TON).

Not just that, very recently the CEO Mark Zuckerberg has said that the company might leverage blockchain technology to overhaul its identity and data-sharing systems.

Also citing unnamed sources, the NYT said, the relevant team has been provided with separate key-card access in order to avoid other Facebook employees from entering in.

Altogether, five sources claiming to have been briefed on the team’s work alleged the upcoming coin was most likely to be a fiat-pegged stablecoin, linked to the value of three different national fiat currencies, rather than just one.

With that said, it is difficult to assess at this juncture the entire nature of digital coin transactions to be decentralized or centralized one. Experts claim that eventually the company might fall prey for regulatory concerns which famed cryptocurrency like Bitcoin is undergoing.

What do you think of the progress made by Facebook towards cryptocurrency? Will it eventually establish the monopoly in crypto industry as well? Let us know your thoughts in the comment section below.

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