After JP Morgan Chase created its very own cryptocurrency, the JPM, tech giants such as Facebook and Telegram are also thinking about creating their own digital coins in the very near future.
According to press, Facebook is currently talking to different exchanges about the eventual listing of the Facebook digital coin. The speculation or rather news comes from a New York Times post published on Thursday, February 28th.
The internet outfits, including Facebook, Telegram and Signal, are planning to roll out new cryptocurrencies over the next year that are meant to allow users to send money to contacts on their messaging systems, like a Venmo or PayPal that can move across international borders
Over the next 12 months, Signal, Facebook and Telegram are expected to roll out their digital coins to make payment on their platforms easier and more efficient. Considering the fact that Facebook has around 2.6 billion users, the launch of a Facebook digital coin will be a huge strategy move by the company.
There were previously some rumours that Facebook is working on a stablecoin for WhatsApp platform. These are seemingly not rumours any more. One more interesting fact is that Facebook has been on a hiring spree for a solid blockchain/cryptocurrency team. More than 50 engineers at Facebook are fully working on the blockchain project, while the company is looking to fill 20 more positions.
According to the New York Times post, all three companies are investing heavily in the blockchain/cryptocurrency space, even with the plunging prices of digital coins.
Facebook also made a strategic acquisition in the crypto space by acquiring Chainspace, a blockchain startup.