It seems that some of the leading social media and instant messaging services are not willing to be left behind as the rest of the world matches on to the Web 3.0 revolution. Facebook, Telegram and privacy-focused messaging service Signal are all developing their versions of cryptocurrencies to be used by their users on their platforms.
According to reports, it seems that Facebook’s cryptocurrency could be the soonest to launch. Facebook is working on a coin that users of WhatsApp, which Facebook owns, could send to friends and family instantly.
In the report, the authors quote anonymous sources who are briefed on the development of the blockchain team within the Facebook confines. To prove this point, the sources admit that employees of Facebook have been having conversations with some of the leading cryptocurrency exchanges to enable the launch and distribution of the proposed cryptocurrency.
Not to be outdone, last year saw Telegram raise an astounding $1.7 billion through private investors to finance its development of the Gram token and the Telegram cryptocurrency network. Similarly, Signal raised $30 million in its first round and is reportedly conducting another funding round soon to raise another $30 million. Facebook is, however, funding its project it project from start to launch.
In December, it was reported that Facebook was developing a cryptocurrency backed by dollars to be used on the WhatsApp platform, However, according to other means, this may be accurate to some extent. The value of the currency would be based on several foreign fiduciary currencies in addition to the dollar value.
“Facebook is looking at pegging the value of its coin to a basket of different foreign currencies, rather than just the dollar” three people briefed on the plans said.
The Facebook coin is expected to be launched within the next few months, according to projections that should fall within the first half of this year. The team responsible for having the exchange negotiations has informed them that “they are hoping to get a product out in the first half of the year.”