Including the former Chainspace employees, Facebook's cryptocurrency division now has more than 50 dedicated engineers.
According to several anonymous individuals The New York Times spoke with, Facebook is cooking up a digital asset for its daughter company, messaging platform WhatsApp. The Facebook Coin was in the news previous year as well but it was still in rumors.
Over the past months, the social media giant has built a very strong blockchain team.
Facebook is not alone with its crypto aspirations.
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According to the report, Facebook has already held conversations with various cryptocurrency exchanges regarding the selling of its upcoming coin on their platforms. The company added that purchase agreements for Telegram's Gram tokens will be terminated if TON does not launch by the end of October. But now, as the report states, The Facebook Coin will be used across all the three Facebook-owned applications; Facebook Messenger, WhatsApp Messenger, and Instagram which turns it into a great piece of news. "(The first four words of Facebook's mission have always been "give people the power".) Back in the 1990s and 2000s, most people believed technology would be a decentralizing force", Facebook founder Zuckerberg said in January 2018. And the secrecy of the project is so high that the development team is located in the office with separate access using key cards, so other Facebook employees can not even get there. He stated that a Facebook coin airdrop across billions of people could "by far be the biggest threat to Bitcoin". "WeChat has over 1 billion users and around 800 million of them use the WeChat Pay function", CNBC included. According to him "It's pretty much the most fascinating thing happening in crypto right now", "They (messaging apps) each have their own advantage in this battle, and it will be insane to watch it go down".
As far as blockchain is concerned, Facebook has been continuously working with the technology but how far it wishes to implement it on its platforms has not yet been revealed.
But government regulators are likely to demand that Facebook vet users, supply records to law enforcement, reverse fraudulent transactions, and comply with other banking regulations around the world just as conventional payment network providers must do.
Furthermore, sources are claiming that the upcoming cryptocurrency will likely take the form of a fiat-pegged stablecoin.
However, these perceived future problems may not be as challenging to overcome as some of the other issues related to using cryptocurrencies.