Facebook moves closer to launch of its own cryptocurrency

By Olivia Minnock
Technology giant Facebook could launch its own cryptocurrency this year, according to reports. Following much speculation on the subject, it has been r...

Technology giant Facebook could launch its own cryptocurrency this year, according to reports. 

Following much speculation on the subject, it has been reported by the New York Times that Facebook will be launching its own cryptocurrency.

The digital token is set to be integrated into the popular messaging platform WhatsApp, which Facebook purchased for $19bn in 2014. If implemented, WhatsApp users would be able to send money electronically all over the world.

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The idea of the social media giant, valued at over $470bn, having its own cryptocurrency has been in the press for a while, but the recent report says Facebook has now been approaching cryptocurrency exchanges about potential listings.

It was announced in May 2018 that the business was forming a team to look at the potential of blockchain technology and how this might be incorporated into its platforms. Now, the New York Times, citing “four people briefed on the negotiations”, has said it could launch as soon as the first half of this year.

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