New York Times reported that Facebook is looking to roll out their own cryptocurrency, while similar projects are taking place at other online messaging platforms such as Signal and Telegram.
It was reported that around 50 engineers are working on the project, led by the former PayPal president David Marcus, who was hired by the social media giant in 2014 to run its Messenger platform.
The digital coin will primarily be used by Whatsapp to enable around 1.5 billion of its users to send payments and transfer money to their contacts on the platform.
A couple of days ago, Barclays bank estimated that Facebook can earn up to $21 billion by 2021 from its own digital coin.
In the meantime, Facebook (NASDAQ: FB) is trading in between the two important levels – the all-time high of $218.62, which was followed by the 2-year low at $123.42 in December of the last year. Currently, the stock is trading around $170 mark. Its market cap is more than $480 billion.