Social networking giant Facebook is hiring PayPal staff ahead of its alleged cryptocurrency launch, Bloomberg reported on May 8.
Facebook, which has courted rumors over its planned entry into blockchain and payments for around a year, could launch its own token as soon as Q3 2019, anonymous sources told the publication.
The company began hiring for a dedicated blockchain team last year, under the auspices of David Marcus, himself a former president of PayPal.
Now, around 20% of the team’s 50 members come from the payments platform, a situation reminiscent of the so-called “PayPal Mafia” executive group of the early 2000s.
Known for its progress in the then nascent e-payments arena, the group included now famous entrepreneurs with a penchant for cryptocurrency — Elon Musk, Reid Hoffman and Peter Thiel.
As Cointelegraph reported, Facebook’s cryptocurrency debut will likely take the form of a stablecoin dubbed FB Coin.
According to sources last week, the company is in talks with Visa and MasterCard surrounding the venture, while it is seeking investments totalling $1 billion.
A further source told the media that Facebook had acquired the “Libra” trademark for the token, which will be pegged to the U.S. dollar and have a range of applications.
Sources from Facebook itself have declined to comment on the developments.
