Facecoin? When Facebook will launch its own cryptocurrency?

Despite the advertising ban ICO and cryptocurrency projects, Facebook started its active work in the field of blockchain and cryptocurrency.

Forget about bitcoin. How about cryptocurrencies from Facebook?

According to the American business publication Cheddar, the world’s largest social network has begun work on creating its own cryptocurrency in order to provide a convenient and reliable method for calculations for its 2 billion users.

SCOOP: Facebook is exploring the creation of its own cryptocurrency to facilitate digital payments for its two billion users.Cheddar senior reporter @alexeheath has all the details.#CheddarScoops #CheddarLIVE pic.twitter.com/Zt8MC3MD6P— Cheddar (@cheddar) May 11, 2018

What exactly do we know about this project?

As you know, this week Facebook announced that the head of the Messenger project, will now lead the team that will be engaged in the study of blockchain technology.

As reported by Cheddar the main purpose of David Marcus, the creation of a digital token. It is noteworthy that Marcus is a big fan of cryptocurrencies. In addition, he previously served as President at PayPal, and also serves on the Board of Directors of Coinbase.

All this makes him the ideal person to implement the project of such scale.

At the moment the team consist of 12 people, however, it is obvious that it will grow in the future.

Why would Facebook to create your own cryptocurrency?

According to Cheddar, a private cryptocurrency would allow Facebook to make international payments much easier and faster without the need to support the currencies supported by any local government.

In addition, the availability of private digital currencies could be particularly useful for some of the departments of the company such as WhatsApp which are used by many people located in countries where currencies are very unstable.