Facebook may officially announce its cryptocurrency before the end of June

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Facebook will officially announce the development of its own cryptocurrency project by the end of this month, as reported The Information.

According to the publication, the company plans to distribute control over the processing of transactions between third-party organizations, which will act as connection nodes, ensuring decentralization. For the possibility of partial control of the network, those who wish will have to pay up to $ 10 million.

First reports that Facebook blockchain is developing cryptocurrency began to appear about a year ago. The digital product is expected to become single payment instrument for over 2 billion users of WhatsApp, Messenger and Instagram.

As additional access points to the future payment means, the company wants to use physical ATMs and terminals, through which can be buy virtual currency.

Facebook may officially announce its cryptocurrency before the end of June

The cryptocurrency tool will become not only a convenient tool for users, but also help the social network to diversify its activities. The company’s main source of income is advertising, but the platform’s operating model is increasingly being criticized by privacy advocates, authorities and the media. Therefore, management may review the mechanisms for collecting and using personal data..

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New details followed the recent news of Facebook talks with the US Commodity Futures Trading Commission regarding potential regulation future cryptocurrency.

text: Ivan Malichenko, photo: publika

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