Based on the Blockchain, “Facebook Coin” should allow millions of users of the Facebook ecosystem to transfer money via Whatsapp and Messenger.
After Bloomberg, it’s the turn of the New York Times to reveal that Facebook is working on a cryptocurrency project based on Blockchain technology: the Facebook Coin.
The idea is not to create a competitor of Bitcoin and to speculate on its value, but rather to position itself as a competitor of traditional banks by offering as many people as possible a simple and accessible way to make money transfers. money or micro-payments.
Facebook Coin targets the billions of subscribers to Whatsapp, Instagram or Messenger.
Thus, the idea would be to use these messaging services or these social networks to make transfers, and thus avoid going through traditional channels. All this while guaranteeing a stable conversion rate between the main currencies.
According to the New York Times, Facebook is already in contact with several cryptocurrency exchanges, while the Telegram and Signal couriers are working on similar projects, and the different solutions are expected to arrive in 2020.
From this perspective, the merger of the three messengers in the Facebook galaxy – Messenger, WhatsApp and Instagram – announced in early February takes on new meaning.
Hiring of 40 former PayPal employees
“We must ensure that people can communicate between the different networks they use or better achieve this integration in order to facilitate more transactions and links,” said the boss of Facebook.
Facebook has hired no less than 40 former PayPal members to work in its blockchain business created in May 2018 and led by David Marcus.
The latter held the post of vice president of Facebook Messenger. Previously, he was chairman of PayPal and a member of the board of Coinbase …