Facebook began to accelerate the development of its own cryptocurrency

Facebook Is Developing Its Own Cryptocurrency

Facebook began to accelerate the development of its own cryptocurrency

The largest social network Facebook is secretly developing its own cryptocurrency and has recently begun to rapidly expand the staff of its blockchain division, attracting experienced developers, lawyers, managers and researchers..

During an interview with Cheddar, Alex Heath said that since April 2018, Facebook has lured specialists to blockchain areas from PayPal, Google Pay, Samsung and Coinbase, and has recently intensified its search for talent among young crypto startups. At the moment, the staff of the division has reached 40 people. The company does not publicize what the group is working on, but according to Heath, it will definitely be a blockchain-based cryptocurrency payment product..

However, it is quite difficult for FB to attract talented specialists to its staff. This is primarily due to the shortage of qualified personnel in this area, as well as with recent scandals related to the dissemination of confidential data by the company. Despite Mark Zuckerberg’s apology, representatives of the crypto community have a negative attitude towards brand and centralized giants in principle.

Facebook wants to offer more than two billion of its users worldwide to make electronic payments without the involvement of traditional banks. Alex Heath said the company has begun to pave the way for the launch and has already reached out to politicians in Washington to push the product forward with confidence. He also predicts that the social network will buy several companies from the crypto industry next year..

Although the development does not yet guarantee a launch and at least approximate release dates are unknown. The situation is similar with one of the largest ICOs Telegram, which has not yet submitted tokens or a working version of the product.

text: Ivan Malichenko, photo: wwg.company

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