Altcoin News: Facebook’s Coin Could Be Announced as Soon as Next Quarter

May 9, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Social network Facebook can announce its stablecoin, the development of which, it allegedly deals with, in the third quarter of this year, writes Bloomberg, citing sources familiar with the situation.

According to the publication, in preparation for this event, the company is actively attracting former employees of the payment corporation PayPal. The blockchain development team formed last year has now 50 employees, one-fifth of whom worked for PayPal in the past. As it became known earlier, the ex-president of PayPal, David Marcus, is in charge of the project.

It is assumed that the first region to test Facebook’s coin will be India, a country where the social network sees significant opportunities for development. In India, ordinary payments are already being tested on the basis of WhatsApp Pay’s Facebook product. According to the founder of the company, Mark Zuckerberg, in the near future, the payment function will become available to residents of other regions.

Blockchain Capital partner Spencer Bogart, in a conversation with Bloomberg, said that the Facebook initiative could provide the necessary impetus for the development of the cryptocurrency segment as a whole and serve as a connecting link that will help the general public to become better acquainted with this technology.

“People can go ahead and purchase Bitcoin. Most likely, a certain percentage of users will do so. I believe that this will become a very strong catalyst. Over the 10 years of its existence, Bitcoin has risen from zero users to 30–100 million, and Facebook has billions of them,” he explained.

On Wednesday, Facebook introduced the new rules for advertising on its platform, according to which some ads related to the blockchain and cryptocurrency can now be placed without prior approval.

Author: Marko Vidrih