Reports suggest that Facebook may develop its own crypto. The plan is worth a mention, especially on the backdrop of the crypto ban imposed by the social media network. In Saturday’s Bitcoin in Brief, we also cover Telegram’s advance towards implementing its payment system using the Gram token. Some blockchain stories with beers and beamers complete today’s round-up.
Also read: Bitcoin in Brief Friday: China Mulls Blockchain Standard, Zcash Fights Chinese ASICs
Facebook Mulls Own Token, Reports Say
Facebook is reportedly considering creating its own cryptocurrency. Sources familiar with the matter told the financial news outlet Cheddar that the social media giant is serious about the project to introduce global crypto payments on its platform. A digital token would allow its two billion users around the world to take advantage of crypto transactions and skip state-issued fiat currencies.
Facebook announced recently that it had formed a team whose main task will be to explore the uses for blockchain technologies that the company can utilize to improve its business. The group is headed by David Marcus, former head of Facebook Messenger and ex-president of Paypal, who currently sits on the board of Coinbase.
The development of the payments system, however, is likely to take some time, possibly years. Marcus, who is a crypto enthusiast and an early investor, has been quoted as saying that crypto payments are still very slow and expensive. Facebook is not planning to hold an initial coin offering (ICO) to fund the project. In January, the social network banned crypto-related ads, including advertisements of token sales.
Telegram Moving Forward with Crypto Payments
Telegram, on the other hand, has already raised enough money to fund its own blockchain project and payment system. The
