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Facebook, Telegram, Signal, Plan To Launch Own Cryptocurrency: NYT

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Facebook as well as other internet messaging companies Telegram and Signal, are planning to introduce their own cryptocurrencies over the next year, according to a New York Times report.

Telegram has an estimated 300 million users worldwide. Signal is an encrypted messaging service that is popular among technologists and privacy advocates. The biggest messaging applications in South Korea and Japan, Kakao and Line, are also preparing for the same.

The planned digital coins would allow users to send money to contacts on their messaging systems across international borders, the report noted.

The social networking giant reportedly has held discussions with cryptocurrency exchanges about selling the Facebook coin to consumers.

Bloomberg in December last year had reported that Facebook was developing a stablecoin, a type of digital currency pegged to the U.S. dollar, which will let users transfer money on its WhatsApp messaging app. Facebook's blockchain team is being led by former president of PayPal, David Marcus.

Recently, US investment bank JP Morgan launched its own cryptocurrency JPM Coin, which represents U.S. Dollars. The digital coin, issued on Quorum Blockchain, is designed to make immediate payments using blockchain technology between institutional accounts.

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