Facebook step closer to create its own cryptocurrency

By the new report from the New York Times, companies FaceBook and Telegram, are step closer to the launching of its own cryptocurrency that will be used on Telegram, Facebook and his related service WhatsApp chat platform. Facebook is hoping to bring in-app payment to the reality for its massive user base. Proposed cryptocurrency would be used for online e-markets and bypass the third-party payment processors used for online transactions.

If successful, Facebook will become the online retailer with the biggest consumer outreach. Messaging platform Telegram is known for imposing strong encryption to his service and focus on privacy of its users. Telegram, raised USD 1,6 Billion in its Initial Coin Offering earlier in 2018. Initial Coin Offering (ICO) is a process of funding from public used by online tech companies. Company Facebook pushed the research in blockchain development center, and announced the possible creation of its own cryptocurrency in the late 2018.

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