Facebook reportedly launching new cryptocurrency in June

Facebook reportedly launching new cryptocurrency in June
Facebook is expected to announce its digital currency at some point this month, as the social network company has found outside backers that will help strengthen the trust in its upcoming cryptocurrency, The Information reports.

The report mentions the digital token used by Facebook will work as a borderless currency without transaction fees. Apparently, Facebook employees who work on the project are given the option to be paid in the cryptocurrency token instead of real money.

The new cryptocurrency will be available through Facebook's app, including WhatsApp and Messenger, and is meant to help users in developing countries with volatile currency. Moreover, Facebook plans to make the cryptocurrency available through customized ATM physical terminals.

The project also mentions sign-up bonuses for merchants that will allow customers to pay with Facebook's digital tokens. Although the report contains pretty in-depth the details about the cryptocurrency, it misses one important aspect: release date. Well, at least the timeframe is narrowed down to June, so we won't have to wait too long now.

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5 Comments

1. lyndon420

Posts: 6774; Member since: Jul 11, 2012

B******t!! You seriously going to trust fb with your money? Fake money or otherwise?? And when I say fake money...I mean government issued money.

2. lyndon420

Posts: 6774; Member since: Jul 11, 2012

Cival war starts on Monday...got it ;) Bring it on...

3. seantn4

Posts: 51; Member since: Dec 11, 2018

uuuhhh you ok man? While I think this idea is dumb, I am curious to see it play out

4. cncrim

Posts: 1588; Member since: Aug 15, 2011

Centralization is the same model what we have instutional bank now.

5. AlienKiss

Posts: 148; Member since: May 21, 2019

I've been suspecting fb about mining for crypto currency for some years now. I have a pretty solid pc, but whenever I log in to fb, my pc suddenly gets crazy loud (this only happens when I play 4k videos on yt). After this, even If I log out and close Chrome, the pc is somewhat useless, barely responding (taking minutes for right-click menu to appear), the only solution being to reboot the pc. I used to joke that fb is mining for crypto using it's client's pc's and smartphones, but it may not be a joke after all..

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