Wallstreet reports that Facebook leadership is looking at a possible foray into the block chain currency market. In the article, it states that Facebook along with Telegram are looking to succeed where other start ups failed by introducing the digital currency to regular users.
In the report, Facebook, Signal and Telegram are hoping to release before the end of the year. The coin is said to allow user to transfer money internationally through their messaging systems, an application similar to the use of PayPal and Venmo on the same platform.
Excitement Abound Among Experts
Experts feel that this is one of the most exciting events in Cryptocurrency world. The existing reach gives it a decisive advantage over other startups. Primitive Ventures co-founder Eric Meltzer observes, “They each have their own advantage in this battle, and it will be insane to watch it go down.” We can all agree that these events would be exciting to see.
Facebook In the Lead
At the lead among potential entries to the market is Facebook with rumors that they are in potential talks with Cryptocurrency exchanges about a possible launch. Facebook not confirmed and remains secretive about the new project.
Facebook is also sitting on a massive asset having a large hold on the social media market. In addition to Facebook.com, facebook has a large footprint with their presence in Instagram and WhatsApp. With all of this on their back pocket, they got strength over their competitors. Instantly, they allow their millions of users access to wallets that is not available among other start-ups.
Another strength people do not see is that their coin push is helmed by David Marcus, the former president of PayPal.
Dark-Horse Telegram is Definitely A Contender
Telegram was able to raise $1.7 Billion for their push which immediately puts them as a valid contender against the possible Facebook coin. It also enjoys over 300 million users that gives them immediate wallet owners easily.
The original story was reported initially by Wall Street Journal on the 28th of February 2019