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Facebook, a new competitor in the Crypto Battle

According to reports, Social media giant Facebook is planning to launch its crypto token this year. Furthermore, the New York Times explained in a recent report that Facebook even held multiple talks with exchanges to list the new cryptocurrency. First reports of this initiative came out in December of last year.

According to sources close to the company, Facebook is likely to implement cryptocurrency payments across all of its messaging services, which includes Messenger, WhatsApp, and Instagram, allowing around 2.7 billion users across the three platforms to experience Facebook’s new cryptocurrency.

This new crypto will apparently be a fiat pegged Stablecoin as per internal sources. Furthermore, in contrast to just one, the value of the coin will be bound to three different national currencies, 

According to the news outlet Bloomberg, Facebook’s prime market for its crypto should be India due to the country vast WhatsApp user base


Sorry Facebook, you are not the first…

Similarly to Facebook, Russian-developed “Telegram messaging app” unveiled similar plans. As well as its own digital currency, the “Gram”, Telegram, and its founder Parel Durov are also planning to launch the TON [Telegram Open Network] this year.
All of this should be possible since last year, the company managed to raise an enormous sum of $1.7 billion for the TON project.

Over the last year, Telegram has managed to raise a whopping $1.7 billion for its TON project. TON set to be launched in March 2019


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