Facebook’s elusive cryptocurrency is currently the talk of the town. The popular social media continues to work secretly on its crypto project. In the process, Ed Bowles, the Standard Chartered Bank official joins Facebook to work on this project. Bowles will join Facebook in September as the director of the public policy head of London. He will probably handle the regulatory related issues for the upcoming crypto coin in Europe.
Earlier we mentioned that the social media was in discussion with Visa and MasterCard for funding of the project. Now, the news is out that Facebook has sealed the deal with PayPal, Uber, Visa, and Mastercard for sponsoring its crypto project. It was being speculated that Facebook is expecting the project to stake at around $1 billion. As per the leading crypto media Cointelegraph, Facebook may release the whitepaper of its hyped cryptocurrency this month itself.
According to hearsay, Facebook may publicly announce its crypto in June. However, as of now, there is no concrete official info from the Palo Alto company. We are only getting evidence that Facebook is indeed cooking some crypto.
Facebook’s upcoming cryptocurrency will be a part of WhatsApp, Messenger, and Instagram as a payment tool. Last month Facebook registered a firm by the name of Libra Networks which will probably deal with its native cryptocurrency.