Facebook Coin is a big deal, and reports are saying that the currency could arrive ahead of schedule and be ready as early as next month.
Currency Arrives Ahead of Schedule
In addition, several financial and technology heads are now in charge of the coin project. Originally, Facebook put out several job ads explaining that it was building its blockchain division and needed serious assistance with its plans. Several of the listings explained:
The blockchain team is a startup within Facebook and we’re exploring lots of areas of interest across all facets of blockchain technology. Our big goal is to help billions of people with access to things they don’t have now. That could be things like healthcare, equitable financial services, or new ways to save or share information.
Several of the noted job placements were for the city of Tel Aviv in Israel. The listings state:
The Tel Aviv engineering team will participate in shaping and pushing forward this vision, while focusing on the development of a state-of-the-art near real-time AI platform to serve the blockchain project.
Among the people heading the blockchain division and working to bring Facebook Coin to fruition includes Tomer Barel, who’s serving as the vice president of risk and operations. Originally from PayPal, Barel has brought over several PayPal employees to work on the project. He joined the team in 2018 and is currently based in the Tel Aviv office.
There’s also Kevin Weil, the vice president of product. He was among the first individuals to commit to Facebook’s blockchain team after working as a vice president of Instagram, which is now a division of Facebook. He helped develop the social media platform’s Instagram Stories feature, and previously served as a vice president with Twitter.
Originally, it was slated that Facebook Coin would emerge for use in the year 2020, and this still applies in terms of spreading the currency globally. In other words, it may take a year or more for everyone across the world to start using it.
What Will Happen with Facebook’s Crypto?
But new reports are suggesting that an early prototype of the coin available for specific or limited use among select members could be available as early as July of this year. At least, that’s when the coin will be available for testing.
Facebook Coin has been something of an enigma as of late, with executives at the social media conglomerate refusing to offer many details regarding its properties. However, the currency will allegedly be part of a considerably larger payment network known as “Libra,” in which people can purchase goods and services from virtually any merchant that offers Facebook login options on their website(s). Facebook has also consulted with financial regulators and the Winklevoss Twins of the Gemini Exchange for assistance.