Overall, information about Facebook's plans is still scarce, but we thought we'd highlight everything weknow and don't know about its mysterious coin. If you are searching for positives, then the main one to pin your hopes on is the idea that Facebook's two billion-plus customer base will be exposed to cryptocurrencies.
There is very little chance that Facebook will be adopting or partnering with an existing crypto project.
Facebook is keeping its cryptocurrency plans under wraps, even when it comes to other company employees.
Facebook's cryptocurrency is a stablecoin that will be pegged on the United States dollar and will provide an easy and much cheaper way for users to transfer funds across global borders. Of course, with its track record of compromising user data and security breaches, it might have a different opinion of what is considered success.
It appears Facebook coin will not be mined, which is the same approach JP Morgan is taking with its new coin.
If successful, Facebook's crypto efforts could have a huge impact for businesses. "WeChat has over 1 billion users and around 800 million of them use the WeChat Pay function", CNBC included.
Despite being further behind in the development of their coin, Facebook still has a massive advantage to these other companies.
The cryptocurrency would be pegged to the value of the U.S. dollar, providing users with an easy - and cheap - way to send money across worldwide borders.
Facebook has intentionally kept the workings of their crypto market in secrecy.
The anonymous sources feeding the story to the NYT have claimed that the Facebook Coin project is very far ahead, nearly completed and is now being discussed with cryptocurrency exchanges to begin the process of selling the Facebook Coin. While some are concerned about using a Facebook-run blockchain, the cryptocurrency is also rumored to possess decentralization, giving the social media giant only limited control over the running of the network. This will be a centralized currency and completely managed by Facebook. There is also no information available regarding the number of tokens Facebook will produce, or if it will retain any of the supply for itself. And like bitcoin, these new cryptocurrencies would make it easier to move money between countries, particularly in the developing world where it is hard for ordinary people to open bank accounts and buy things online. Moreover, the company now has 18 job listings for its blockchain team, or four more than 10 days ago.