Any news regarding cryptocurrency automatically gains global attention. This is because of the revolutionary impact it has shown on financial industry across the globe. Recently, cryptocurrency again gained public interest because of the intervention of social media giant Facebook. Apparently, Facebook is developing its own cryptocurrency.
Though Facebook didn’t release any official statement regarding this, an advertisement for 5 job vacancies related to blockchain technology started this rumor. The following are the job vacancies posted on the Facebook website.
- Data Scientist, Blockchain
- Data Engineer, Blockchain
- Software Engineer, Blockchain
- Software Engineer (University Graduate), Blockchain
- Product Marketing Lead
Blockchain is the technology used for the development of cryptocurrency. So this fueled the spreading rumor.
History of Facebook and cryptocurrency:
Facebook and cryptocurrency haven’t been on good terms lately. This is because Facebook banned all the advertisements related to cryptocurrencies and blockchains. This was mostly due to fear that they were using Facebook as a platform for numerous scams. This ban got effective in January last year but soon it was lifted in July. It was believed that Facebook noticed the revenue loss because of the ban. But it did provide screening to all those advertisements to reduce the risk of illegal activities. So when this news broke it took the world by surprise.
Citing sources familiar to this matter, Bloomberg reported that facebook’s long-rumored cryptocurrency is in development and will allow users to exchange currency through its encrypted chat service WhatsApp.
This cryptocurrency is called stablecoin, which is a digital currency that is pegged to U.S. Dollar to reduce the volatility. Though not really at the launch stage, Facebook is working on the strategies to make it a success.
The current popular stablecoin, Tether, is surrounded by controversy after it refused to be audited. But with almost 2.5 billion global users and $40 billion annual turnovers, Facebook has everything to make a successful stablecoin. The revolutionary idea of Facebook is considered to be a good investment for people. Tweets like “invest to make the community better” by financial experts are reassuring the investors.