The social media giant has been in discussion with various exchanges for the launch of its new stable-coin that would allow cryptocurrency transactions between WhatsApp users. Facebook had recently acquired a high profile blockchain team to gear up the process for the same.
As many as five different sources have reportedly confirmed that Facebook is going to launch the currency within the first half of the current year, i.e., 2019. It is also being stated that the currency is in its testing phases with a small pilot group being involved.
The coin when launched is expected to be one of the most rapidly growing digital assets since the social media network has an over two and a half billion global user base on the instant messaging application WhatsApp. Experts also believe that Facebook would have various options to go to after the currency has been launched.
Rumors of Facebook messenger and whats app integration have also surfaced in the past. Now some experts believe that the social media giant may be holding the integration to launch its stable coin and then expand the market for both the coin and their chat user base afterward.
On the other hand, Facebook is not the only social media company working on its coin. Telegram is also reported to be working on a cryptocurrency to leverage its over three hundred million user base across the globe. While Facebook is expected to lead the stablecoin market in the years to come the company is actively hiring blockchain experts with as many as fifty open positions at the company at the time of publishing.