A source who would not want their names to be mentioned has revealed that the social media giant Facebook may possibly announce its rumoring FB Coin in Q3 2019, Bloomberg report on May 8th.
According to the report, Facebook has been hiring PayPal staff ahead of its alleged cryptocurrency. The blockchain unit is reported to now have 50 employees and about 20% of them are from PayPal, including the former president, David Marcus.
Some insiders said the blockchain group is developing a stable coin, which value will be tied to the U.S. dollar or a basket of currencies, 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 eventually allow usersto transfer money for remittances via WhatsApp through stable coin.
said the company is in talks with Visa and MasterCard about the venture, and it is seeking for investments of upto $1 billion. Also the same last week, However, Facebook has not made any comment about the rumors.