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Facebook Is Planning Its Own Cyptocurrency

Facebook Is Planning Its Own Cyptocurrency

Facebook could soon announce its own cryptocurrency. Facebook’s plans are far reaching and are likely to jumble the crypto area a little.

Facebook will announce its plans with its own cryptocurrency officially in June. The new currency will later even be available for customers to buy using removable machines, similar to an ATM.

Facebook has been working for more than a year on its own cryptocurrency and the establishment of its own payment system. The company has made contact with a number of financial and e-commerce industry professionals and further reports say that Facebook has already talked with financial institutions and other technology companies to join an independent foundation that raises capital for the new cryptocurrency.

Accordingly, Facebook also intends to pay its employees if they agree with their own cryptocurrency instead of using the conventional local currency. In addition to its own employees, Facebook has especially interest in developing countries for the new cryptocurrency, in which the official currencies are more volatile.