Facebook’s blockchain team’s structures are still overcast in secrecy, but it’s staffing up, according to people familiar with the group. By the next quarter, Bloomberg a type of cryptocurrency which could be announced as a product said by the peoples.
Facebook’s blockchain team has strength of 50 by last May; significant amount of employees were used to work at a single company: PayPal. This quasi-reunion, driven by the group’s leader, former PayPal president David Marcus, is the latest signal of Facebook’s wider ambitions to integrate payments into its platform.
The Bloomberg team has been instructed to maintain complete privacy about the blockchain; they don’t want the project to be at the social networking giant. Facebook declined to comment on the team organization or its plans. The people Bloomberg spoke to about the project asked not to be identified because information about the blockchain team is closely guarded at the social networking giant. Facebook refuse to comment on the team organization or its plans.
According to Facebook insiders, the blockchain group is developing a stablecoin, a type of digital currency pegged to the US dollar or a basket of currencies, making it less prone to swings in price. A type of digital currency pegged to the US dollar or a basket of currencies which is known as stablecoin is developingbythe blockchain group which making it less prone to swings in price.
The first country that will test the new currency is said to be India, a region that is particularly appealing for Facebook because it still has room to expand. The product could sooner or later allow users to transfer money for reimbursement via WhatsApp through stablecoin.
Already in testing stage of regular payments in the country through a product called WhatsApp Pay. At Facebook’s developer conference, Mark Zuckerberg said that the company would soon expand WhatsApp payments to other countries as well. Zuckerberg said during his keynote, are “a part of the vision that I’m particularly excited about.”
“There is still a lack of clarity on what Facebook is going to do, but it looks like the long-term vision is creating a sort of marketplace model within Facebook,” said Harshita Rawat, a payments analyst at Sanford C. Bernstein & Co. International money transfers in particular are popular with inefficiencies. Ultimately, she said, by “having people that have deep industry knowledge around payments,” the social network is keeping its options open for its money transfer ambitions.
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