Facebook’s cryptocurrency project will be exposed this month, CNBC reported on June 5. The company stuff will enable to take part of their salary in the coin.
The stablecoin will purportedly be integrated as a payment tool on WhatsApp, Facebook Messenger, and Instagram and will be accessible through crypto ATM-machines.
Rumors that Facebook is developing its own cryptocurrency, appeared in May. Later it was reported that Facebook is developing a stablebcoin which can be used for money transfers in WhatsApp messaging app. Unlike most other stablecoins, Facebook’s coin would purportedly be backed by a basket of foreign currencies.
In early May, Facebook launched its blockchain team, with the reported aim of exploring the emerging technology. The team is headed by David Marcus, who had previously served as the company’s vice president of its Messenger app division. In July, Facebook’s Director of Engineering of three years, Evan Cheng, joined the blockchain team to fulfill a parallel role dedicated to exploring the technology’s applications.