Bitcoin Global News (BGN)

April 9, 2019 -- ADVFN Crypto NewsWire -- The saga continues.

By now, it’s common knowledge that Facebook is working on its’ own cryptocurrency project, though details on it have been largely kept close to the breast.

What we do know is that the Facebook team is working on a stablecoin that will be used for in-app currency transfers with Whatsapp, which is of course, now a firm part of their ecosystem. Furthermore, Nathaniel Popper, who is well-known as an insider on many different technological topics, has said that the stability will be determined by an undisclosed group of foreign currencies.

On top of all of this, Popper added that Facebook is reportedly looking for $1 billion in funding for the entire project, though it should be noted that this is not necessarily all of the funding they will be seeking.

The CoinDesk article that cites Popper on this subject clarifies that the bulk of the $1 billion will be used for backing the stablecoin. Therefore, it is logical to add to this that the money will quickly be transferred into whatever foreign currencies Facebook plans to back the coin with.

At this time, what these will be has not been made public. As CoinDesk points out, however, the main goal of Facebook’s newest project appears much clearer. They have undergone a veritable firestorm of criticism from just about every media outlet over the past year.

Embracing the blockchain will likely not completely save their image, but it will likely improve it. Facebook is arguably seen as too centralized. Going decentralized, even to a small extent could indicate a greater level of care for their customer base.

Still, all of this is speculation at this point. The only way to know for sure how things will play out is to wait for Facebook’s announcements of further details on what the project will be.

By: BGN Editorial Staff