The long-term Facebook crypto money project will be available in a few months. Crypto money will be used first in WhatsApp.
It was a long time that Facebook would make its own crypto money and compete with Bitcoin. We will soon see the fruits of this move of the technology giant.
The New York Times, which claims that a team of 50 employees of Facebook is working on the crypto-money project, based its news on 5 different sources close to the project.
In May of last year, the company started to work on the crypto money project. At that time, one of the largest administrative restructuring in the history of the company had been realized. It was said that crypto money, called stablecoin, would be fixed to other crypto coins in order not to be fragile. The money is expected to be made available to WhatsApp users first.
Together with the possible unification of Messenger, Instagram and WhatsApp, this cryptocurrency will spread across all platforms owned by Facebook.
According to rumors, Facebook is currently in talks with various crypto money exchanges and new crypto money is expected to be on the market in four months.
Mark Zuckerberg, CEO of Facebook, recently spoke with Harvard law professor Jonathan Zittrain about the company’s blunting of the block chain initiative and has yet to find a way to put this job on track.
One of the biggest unknowns of Facebook’s crypto money is that it will have a decentralized structure like Bitcoin. Some industry experts say that Facebook will not remove a product that it cannot control.
Experts, a customized block chain application, crypto coins will eliminate the main benefits, he says.
Other messaging applications, such as Telegram and Signal, continue to work on their crypto money. Both companies are aiming to launch crypto coins in accordance with the classical definition. Telegram said that GRAM’s crypto money was 90 percent complete.
Facebook spokespersons who asked for comments on the issue, point to WhatsApp for clarification, while WhatsApp spokespersons are not making a statement on the issue.