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According to multiple anonymous sources, who are familiar to Facebook’s highly secretive cryptocurrency project, the platform is “hoping to succeed where Bitcoin failed”, as reported by the New York Times (NYT) on Feb 28.
The published article cited five people briefed on the effort who chose to remain anonymous because of confidentiality agreements. Reportedly, Facebook is working on a coin that users of WhatsApp, owned by Facebook, could send to friends and family instantly.
Notably, the platform plans to integrate its three owned apps, WhatsApp, Messenger, and Instagram under one canopy. The Times further notes that this could provide the crypto token with exposure to the 2.7 billion who use the three services each month.
The crypto-powered payment system will operate from within a messaging system and this idea is being pursued by sev...
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