Facebook is seriously exploring to launch its own cryptocurrency named “FaceCoin” as reported by Cheddar’s Alex Heath. Bloqtimes staff already reported this in one of its articles back in January. There has been ongoing grapevine in crypto circles about Facebook working on the blockchain technology but now its confirmed they have a dedicated blockchain team working on the crypto project.
According, to new reports Facebook is working on their cryptocurrency with a team of less than dozen employees, a project headed by David Marcus, who is also the vice president of Messenger app. The seriousness of entire project can be envisaged from the fact that David Marcus was ex PayPal President and currently part of US cryptocurrency exchange Coinbase board since December 2017.
At present there is no confirmation when and how Facebook will be integrating its cryptocurrency on their mammoth social media platform, as it might take years for a working product. However, Bloqtimes staff has a close eye on the latest happenings and will report as it happens.
Why Does It Matter?
Facebook was founded on Feb 4, 2004 almost 14 years ago. Beating all the odds its the 8th largest company in the world with a total market cap of $464 billion as of March 31, 2018. If Facebook was a country it would be the biggest and most populated country in the world. Currently, Facebook is the number one social media platform on planet and has more than 2.2 billion monthly active users as of January 2018. Facebook popularity among its users and users growth is unstoppable as can be seen from the below chart.
Facebook is a multilingual platform which touches almost all geographies and countries in the world and still growing at an impressive pace. Facebook also owns Instagram, Messenger, WhatsApp, Oculus VR, Watch and recently announced a new Dating Service. In total Facebook and its subsidiaries easily touches a half of all humanity, which is approximately 3.5 billion people.
No company in the world ever dreamed of such a huge market base which spans every age group, gender, country and part of the planet. No surprise that Facebook is literally sitting on top of a gold mine. Now is the time to hatch those golden eggs. Facebook has already developed a marketplace where users can buy and sell stuff.
The only piece Facebook missing is its own cryptocurrency. It makes complete business sense to launch its own cryptocurrency and to streamline all its operations which will not just help Facebook, it will immensely help its users to easily conduct any online transactions. In short, Facebook has already built an entire ecosystem ready to be streamlined by “FaceCoin”.
How Can It Change Crypto Landscape Forever
Facebook launching its own cryptocurrency will be a huge turning point which will change the world as we know it, forever. Since Facebook has 2.2 billion monthly active users, FaceCoin integration will make cryptocurrencies a daily and useful part of everyday life. Cryptocurrencies will finally be able to shed the stereotype of something which is only related to geeks, nerds and hackers working in a dark, secluded place. On top of that, it will further add to credibility and will provide much needed boost to Bitcoin, Ethereum and other Altcoins.
This will further motivate and open paths for many other behemoths like Amazon, Google, Twitter, Walmart, Reliance and others to launch their own cryptocurrencies. Entering into the crypto world will become a natural choice as most of these companies already have a big customer base and access to global markets. As blockchain technology has already proven its immense applications in the field of supply chain, counterfeiting, record keeping, cyber security to name a few, it will only make businesses more efficient and effective in the long run.
What Does Future Hold For Facebook Cryptocurrency
If Facebook can successfully launch and integrate its own cryptocurrency in its various social media platforms, it will be the beginning of a new era for Facebook and rest of the world. FaceCoin, no doubt will make Facebook business operations easier and will also help in cost cutting. Who does not know that Facebook is embroiled in a never ending controversy around “Fake News” and “Russian Propaganda” during 2016 US Presidential elections which some allege helped Trump in defeating Hillary Clinton. Blockchain technology can further help Facebook in getting better at controlling fake news, identity verification, security and privacy issues.
At the same time buying, selling, sending and receiving money among facebook users will become super easy and super fast. This will open up new, unthinkable business opportunities for both Facebook and its billions of users. For example, buying-selling stuff on marketplace, buying-selling stuff in videogames, money transfer services like Paypal will greatly speed up the whole economy around Facebook.
Will Investors Like It?
Investors will die to see Facebook launch its own cryptocurrency. Going by recent news, any company which has added Bitcoin, Blockchain or Crypto to their names has seen their stock price skyrocket to moon. For example, Bitcoin Services, formely known as Tulip BioMed saw its stock increase by as much as 42,500%. Similarly, Long Island Drinks Corp became Long Blockchain, and immediately saw its stock price surge to 200%. No surprises, recent crypto mania went so much out of control, SEC had to sue and halt trading in a number of companies who were falsely misleading and jacking up their stock prices.
However, Facebook is a different story as it has a genuine use-case for its cryptocurrency. In 2017, Facebook made an annual revenue of $40.653 billion and sits on a cash pile of $12.08 billion. With a total workforce of approx. 25,000 employees and a dedicated blockchain team they have all the ammunition to implement FaceCoin project with a blitzkrieg speed. Facebook stock which currently sits at $186.99 can see multiple fold increase the day they launch their own cryptocurrency. FaceCoin has the power to galvanize and streamline entire economy around Facebook social media.
Will Facebook be able to successfully launch and integrate its own cryptocurrency in its social media platforms. Will Facebook conduct its own Initial Coin Offering (ICO) or something else. These are million dollar questions on everyone’s mind. How things will turn out this is yet to be seen but everyone has noticed the BIG elephant in the room.
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