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Is the Facebook Coin coming? Blockchain payment system in progress at the Internet giant

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Facebook is very busy setting up crypto experts right now. This should expand the in-house crypto group. There are also rumors that the social media giant wants to publish its own cryptocurrency.

Already in April 2018 Facebook has launched its Blockchain Group. At the time I had reported about it in the blog. Chief of the group is David Marcus, the former president of PayPal. The crypto group of Facebook now has 40 employees. Of these, about half a dozen come from PayPal and were hired by Marcus from there.

Facebook wants a payment product based on Blockchain

Nevertheless, the group is more mysterious and little information is available on what you are working on. Alex Heath from the Cheddar website said in an interview:

“They are very overcast about what they are working on. In any case, it will be a kind of blockchain-based payment product. “

Facebook further seems to be thinking about releasing its own cryptocurrency. This would allow the two billion Facebook users to make electronic payments without the need for a traditional bank.

Alex Heath said:

“They've got their lobbyists in [Washington] D.C. to get started.”

To expand its blockchain group, Facebook is currently trying to recruit engineers with crypto expertise, product managers, academics and legal experts. Heath said:

“You are currently actively recruiting. In addition, they are trying to buy up crypto start-ups that are still at the level of the white paper, so have no real product yet. “

Many people distrust Facebook

Nevertheless, Facebook seems to have problems finding the wanted employees. One reason for this is the scandals with regard to protecting the privacy of users. These scandals have rapidly lost confidence in the company.

In this context, Heath stated:

“Many people distrust Facebook, especially crypto and blockchain people. Many of them have come to the [crypto] industry [to counteract] because of centralization and data misuse by companies like Facebook. “

Much of the users were outraged when they learned that Facebook sold their personal information to third parties for profit without their consent. Although the CEO Mark Zuckerberg apologized for the action, but the trust is already done.

Heath explained:

“The idea that Facebook creates a cryptocurrency and builds a digital economy in its domain is either unbelievably exciting or horrifying. It depends on who you ask. It polarizes very much, but they are working on it. I think we can expect Facebook to buy up crypto companies next year. “

Sources: Twitter, The Wall Street Journal, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/kommen-die-facebook-coin-blockchain-zahlungssystem-in-arbeit-beim-internet-giganten/

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