Facebook, the social networking giant, is hiring PayPal staff ahead of its alleged digital currency launch, reported by Bloomberg on May 8.
The social media giant has courted rumours over its planned entry into the blockchain and payments for about a year. Now, it may launch its own token as soon as the 3rd Quarter of 2019, told an anonymous source publication.
The company began to hire for a dedicated blockchain team members last year, under the support of David Marcus, himself a previous leader of PayPal.
Now, about 20% of the 50 team members come from the payments platform, that’s a situation reminiscent of the so-called “PayPal Mafia” executive group of the early 2000s.
Well-recognised for its progress in the then nascent e-payments arena, the group incorporated now famous entrepreneurs with the dedication for digital currency – Peter Thiel, Reid Hoffman and Elon Musk.
As reported recently, Facebook’s cryptocurrency debut will most likely to take the form of a stablecoin dubbed as “FB Coin.”
As indicated by the sources last week, the company is in talks with Visa and MasterCard surrounding the venture, at the same time it’s seeking investments totalling $1 billion.
A further source told the media that the social media giant, Facebook, had acquired the “Libra” trademark for the token, that will be pegged to the U.S. dollar and have the myriad range of applications.
However, sources from Facebook itself have not confirmed anything regarding the same and have declined to comment on the developments.