According to the New York Times, Facebook, social media giant, is planning to launch a crypto coin, which will be integrated with WhatsApp – a messaging platform, of Facebook and it will allow ordinary WhatsApp users to send electronic cash to their family and friends abroad. Facebook is already approaching to cryptocurrency exchanges about the potential listing of the currency.
Nevertheless, it is still unclear the way Facebook is going to solve the fundamental compromise between accessibility and decentralization, bothering existing crypto coins. Here, the problem is that there does not exist any Bitcoin company being able to reverse fraudulent transactions and restore lost crypto coins, or simply shut down fraudulent service providers. Thus, there is a need of a higher level of sophistication to participate in the Bitcoin ecosystem than any average Facebook or WhatsApp user has.
The Times also notes that Facebook is not the only messaging company that is preparing to launch a crypto, as Signal and Telegram have an intention to launch their own crypto coins as well.