Facebook Shopping ‘Facebook Coin’ to Exchanges

Dima Zaitsev shares his thoughts on Facebook’s crypto moves

According to the New York Times, Facebook is developing a highly secretive crypto project that seeks to “succeed where Bitcoin failed.”

The newspaper spoke to several anonymous sources that claimed Facebook was seeking to integrate a crypto payment system into its messaging services, including WhatsApp, Facebook Messenger and Instagram. This would be a huge network exposed to crypto, as the platforms have a combined 2.7 billion users each month.

Supposedly, the “Facebook Coin” will be a stablecoin pegged to 3 fiat currencies. Reportedly, Facebook is already shopping the coin around to different crypto exchanges.

Dima Zaitsev is intrigued by the news, “if Facebook succeeds, they could bring crypto to users on an unprecedented scale. We’ll see how the coin distinguishes itself from others, but Facebook already has the ability to tap into a enormous network, and that's where many others have struggled.”