Facebook, which has been making all of the headlines for its all-but-confirmed cryptocurrency launch, is preparing to launch its token in Q3 2019, Bloomberg reports.
The publication reports also that Facebook has been hiring PayPal staff, yet looking for even more hires after it posted a vacancy for legal blockchain counsel earlier this year.
Of the 50 or so employees working on the cryptocurrency effort, 1 in 5 are from PayPal – including former PayPal president David Marcus.
Speaking to Bloomberg, Harshita Rawat, a payments analyst at Sanford C. Bernstein, said,
There is still a lack of clarity on what Facebook is going to do, but it looks like the long-term vision is creating a sort of marketplace model within Facebook.
It appears that Facebook has plans to launch the stablecoin in India, which is a market where remittance solutions would be very welcome. The social media giant also recently relaxed its rules on crypto ads on the platform.
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