Yesterday the New York Times (NYT) published an
article revealing new details about Facebook’s anticipated cryptocurrency or stable coin. In December
Bloomberg report that the company was working on a U.S. Dollar stable coin for remittances to India. The coin will be used via the WhatsApp messaging app initially.
The NYT article contained three new pieces of information about the secretive project. Firstly, Facebook is hoping to launch the coin in the first half of this year. Secondly, the company is talking to cryptocurrency exchanges about selling Facebook coins to consumers. And thirdly, the stable coin may be linked to a basket of currencies rather than individual currencies. We speculate about whether that’s likely.
It’s been ten months since Facebook
announced a new blockchain division led by David Marcus who was formerly president at Paypal and more recently on the board of Coinbase, the high profile U.S. cryptocurrency exchange.
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