Facebook gearing to launch its own cryptocurrency

According to the reports published in the Wall Street Journal, social media giant Facebook is gearing up to launch a cryptocurrency which can be used on its social media platforms, which includes WhatsApp and Instagram. The report also states that Facebook is hopeful of raising a fund of USD 1 billion through investment from Visa and Mastercard and other financial services companies.

Earlier there was a report from Coindesk on May 3rd that, professor Christian Catalini from Massachusetts Institute of Technology (MIT) is working on Facebook cryptocurrency.