It has been reported multiple times over the past few months that Facebook has been working on a cryptocurrency of its own. If a new report is to be believed, the world’s largest social network may come out with its own digital currency in the very near future. It’s claimed that Facebook’s cryptocurrency is going to launch later this month.
The Information reports that Facebook is going to launch its new cryptocurrency this month adding that employees working on this project will be given the option to be paid in the cryptocurrency token instead.
It also mentions that in addition to Facebook employees, the target market for this cryptocurrency is developing nations where government-backed currencies are more volatile.” The token will primarily be used in Facebook’s own services such as WhatsApp but the company is also believed to be working on physical terminals that will be similar to an ATM machine.
Facebook is said to have linked up with major external partners which include well regarded financial institutions and tech companies as part of an independent foundation which will contribute capital and help govern this digital currency. Facebook has also been working with governments to get approval for its coin. The company hasn’t detailed its cryptocurrency plans as yet, though.
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