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Facebook Coin | Catalyst for Crypto Growth, Says Spencer Bogart

Facebook Coin

Facebook Coin

With the introduction of the Facebook Coin, the cryptocurrency world is facing a revolution. Spencer Bogart of Blockchain Capital, in an interview with Bloomberg, shed some light on the media giant’s venture into the cryptocurrency ecosystem.

The Trickle-Down Effect of Facebook Coin

In the interview, Bogart stated that there are several catalysts on the horizon in the cryptocurrency market despite the speculated “bottom” being reached. One good catalyst will be the anticipated Facebook Coin that will change dynamics in the cryptocurrency industry.

The Facebook Coin project will be an incredible project in electronic payments because it operates differently from current cryptocurrencies.

Bogart used the phrase “gateway drug” to assert that the adoption of the Facebook Coin will spur on the cryptocurrency market by adding billions into it. After establishing initial public confidence using the fiat-backed Facebook Coin, users can then diversify into Bitcoin and other virtual currencies. Bogart added that it is likely a given percentage of users will follow this path, which will significantly impact the industry, adoption tricking down to other cryptocurrencies.

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A Cryptocurrency Catalyst?

Besides the adoption success in the long-term, the Facebook Coin project is likely to initiate something that is more significant. The venture has ignited a fire in numerous FinTech and financial institutions across the US. This is evident in what is witnessed in ETrade, TA Ameritrade, and Fidelity’s digital assets wings, which have introduced crypto-centric services both on the retail and institutional front. The Blockchain Capital Partner indicated that the company sprang into action to introduce the service following the launch of the Facebook Coin Project.

The Facebook Coin project will be headquartered in London with another small office in Dublin. The payments project will first target India because of the popularity of WhatsApp in the country.

Featured image: Deposit Photos © ibphoto

Facebook Coin Rumors Continue to Circulate

Facebook Coin

Facebook Coin

There have been Facebook coin rumors for months in the crypto community and today, the New York Times stirred them up again. According to the New York Times report, Facebook is currently working on its own digital currency to integrate into its messaging services.

Facebook Coin Rumors

A few months ago, Bloomberg released an article about Facebook developing its own stablecoin to be used on its WhatsApp messaging app. This was the start of the rumor mill, although many have discussed in the past the potential of the advertising giant adopting a digital currency.

Just like the story released today by the NYT, all of the sources remain anonymous. Facebook has yet to release any formal information regarding the matter. The times cited multiple anonymous sources who spoke to them directly, stating that the company plans on merging its three wholly-owned apps, Messenger, Instagram, and WhatsApp, into one big canopy. All three of these apps combined have over 2.7 billion active users.

According to the anonymous sources, Facebook plans on using the Facebook coin to power this canopy messaging system. Reportedly, the online advertising company has already hired 50 engineers to develop this digital token. Supposedly, the operation is so under wraps that the team has been given separate key-card access than the other employees in the company.

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The most important to note from the New York Times report is that Facebook has already begun shopping the new Facebook Coin around to cryptocurrency exchanges. There were no exchanges named in the article. The project was launched shortly after Telegram closed its $1.7 billion ICO in March of 2018.

I can understand why Facebook would want to keep things under wraps about this potential Facebook coin considering the legal issues it’s run into in the past and also due to threat from competitors. However, I wouldn’t believe anonymous sources and instead, just wait for an official report to be released by the company.

Featured Image: Pixabay

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