Since Facebook announced their cryptocurrency stablecoin project there has been much speculation over the finer details of the venture…
As this speculation takes hold, rumors have arisen that assert Facebook’s new crypto project may be built upon the blockchain platform, Ziqilla (ZIL).
Self proclaimed blockchain and crypto enthusiast Oliver Bell tweeted out his ideas on this speculation, tying some critical points together:
Rumour going around regarding Facebook building on $ZIL:
• Evan Cheng: Zilliqa advisor & head of blockchain at FB
• Mindshare partnership: FB is a partner of Mindshare
• Ex-Facebook head of blockchain quits Coinbase to avoid conflict of interest: ZIL gets listed on Coinbase
— Oliver Bell (@Oly245) December 22, 2018
Bell points out that Facebook and Ziliqa have a shared partnership with Mindshare a media marketing company. Furthermore prominent blockchain engineer, Evan Cheng, sits as an advisor for both companies. On top of this, David Markus who formerly sat on the Coinbase board, excused himself, citing a conflict of interests; given that ZIL recently got listed on Coinbase pro this adds further cause for speculation.
Some seemed to jump on the bandwagon:
— Satoshi N (@phil_exe) December 22, 2018
Others were just hopeful:
If it turns out to be true, omfg I may just spontaneously combust. But not before buying Oly a pint.
— Mark C (@MarkChamberlain) December 22, 2018
However, this remains pure speculation and aside from some slightly tentative coincidences, there isn’t much to back up these rumors.
Facebook to develop its own cryptocurrency (a stablecoin) for its own WhatsApp messenger.
— Brian (Crypto) (@shoelessbrian) December 21, 2018
Facebook’s new cryptocurrency venture was speculated upon for months before rumors were finally confirmed. Bloomberg reported that Facebook was developing a stablecoin, designed to be used in the popular messaging app WhatsApp. The stablecoin will apparently focus on remittances in India enabling those in the country to send money all around the world and vice versa.
Read more: Why Facebook is the most important crypto company according to Anthony Pompliano; The rumors are true! Facebook launching its own cryptocurrency
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