With only a few days to the launching of the whitepaper of the long awaited Facebook’scrypto, scheduled for June 18th,TechCrunch report, a lot has been said about the massive hiring done by Facebook towards this project. Headed by a former PayPal president, David Marcus, the team is said to have the best of PayPal alumina making 20%.
While speaking at last month’s developer conference, Mark Zuckerberg mentioned that paying is a very important are of the company and so this project is aimed at making the payment easier as it is sending a photo. More so users will be able to store, trade and exchange the stablecoin for regular currency with so much ease.
This idea has been receiving numerous support from important individuals in the cryptocurrency world, showing how the project is very promising. Mike Novagrats who is the head of Crypto Merchant Bank said that it’s a stunningly important and good thing for the entire space that one of the largest companies in the world believes in cryptocurrency. Another positive comment from Anthony Pompliaoni, the co-founder of Morgan Creek digitals was
“IfFacebook launches the stablecoin they are reportedly building, it will quickly become the most used product in crypto…”
Early this week Facebook released a new wave of blockchain jobs seeking for software engineers, data scientist among other blockchain developers.It was also reported that 100 software engineers were hired for the London base (where the headquarters of what’sapp will be) as well as in small offices inDublin.
With the promising end in mind, Facebook has not at all withholding any kind of resources towards this project. It has sourced organizations to help managing the blockchain technology part of it and will be releasing $ 10million towards this. According to repots by the team, employees working on this project will be paid with this new cryptocurrency. The company is planning to install physical machines similar to ATMs(Automated Teller Machines) where the users can buy currency.
With the rapidly expanding project team and the large volume of resources pumped into this project one can easily know the future trajectory for this company. There is only one way to find out. There is however always a chance that the launching date could change. One source says that the company is targeting a 2020 launch.