Social media giant Facebook may launch its purported cryptocurrency dubbed ‘Facebook Coin’ as early as next quarter, according to a Bloomberg report. The company has also been aggressively hiring formal PayPal employees for its under-the-wraps blockchain project. The group is led by former PayPal veteran David Marcus.
The report has confirmed that the blockchain group at Facebook is working on a stablecoin that is pegged to the US dollar or a basket of currencies. More interestingly, the report reiterates that the currency will be first tested in India and eventually used for remittances through Whatsapp.
The company is already testing payments through WhatsApp Pay. Facebook has already said that it is looking to expand WhatsApp payments in other countries. Facebook CEO Mark Zuckerberg sees immense potential in money transfers and private commerce.
There are reports that Facebook has acquired the watermark Libra for this project. Some insiders have, however, said that the company is far from releasing such a product any time soon.
Facebook’s entry into the space is definitely exciting and one which may finally make Indian regulators sit up and take notice!