MENLO PARK, Calif.–Facebook is working on its own cryptocurrency coin.
Described as a “most anticipated but secretive” project at Facebook by the New York Times, the new cryptocurrency would be for users of WhatApp, which is owned by Facebook, and which would reportedly be used to send to friends and family.
The Facebook project is far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers, said four people briefed on the negotiations,” the New York Times reported.
Facebook isn’t alone in social media in looking to develop its own cryptocurrency. Other big platforms, such as Telegram, which has 300-million users, and Signal, an encrypted messaging service, reportedly also are working on coins. Big social media platforms in South Korea and Japan are also undertaking similar projects, according to the report.