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Facebook secretly approaches crypto-exchanges to boost native token project

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Facebook secretly approaches crypto-exchanges to boost native token project
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Companies like Facebook and Telegram have previously exhibited their interest in developing their own coin, and are now looking to take this interest to the next level.

Internet messaging mainstays Facebook, Telegram and Signal have taken steps towards releasing native cryptocurrencies that users on their platform can use to send money to each other via the messaging service, much like a PayPal system.

The New York Times reported that Facebook has moved on to the next step of their digital currency plans, approaching crypto-exchanges about supporting their upcoming coin. However, the report did not mention which exchanges were targeted by the social networking giant.

Facebook hopes to integrate their cryptocurrency on WhatsApp, another internet-based messaging application that allows users to send the native token to their contacts instantly.

Other companies like Signal, the encrypted messaging application on iOS and Android is also developing its own native privacy-centric coin. Line and Kako, messaging platforms in Japan and South Korea are planning their entrance into the virtual currency market. China’s WeChat also boasts a payment service which is moving up on the popularity ladder.

The coins developed will exist on a computer network that would be decentralized so that the issuing company does not have undue influence over the cryptocurrency. The participation of the issuing company is what is touted as the main opposition to the idea as it opposes the decentrality principle of cryptocurrencies. Some have even equated Facebook’s coin to Ripple’s XRP, a centralized cryptocurrency.

One of the main advantages of using such currencies on such high-speed messaging services is the ability to reach the developing world where bureaucratic controls and poor financial infrastructure hamper monetary distribution. Elon Musk, the CEO of Tesla, stated last week in a podcast with ARK Invest about this aspect of cryptocurrencies,



“It bypasses currency controls. Paper money is going away and crypto is a far better way to transfer value than pieces of paper.”

Back in December, Facebook veered towards the cryptocurrency realm with rumours that their virtual currency, a possible-stablecoin that would be developed for WhatsApp users, will be backed by the US Dollar. It was later revealed that the coin would not just be backed by the US dollar, but by a basket of fiat currencies held in the Facebook bank accounts.

Furthermore, the Facebook coin project has managed to raise an air of secrecy, indicative of the importance of the project for the company.





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Binance sees ‘higher number of orders’ than peak Bitcoin frenzy of 2017; hints at iOS app for Binance

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Binance exchange is seeing 'higher order number of orders' than peak Bitcoin frenzy of 2017; suggests iOS app for Binance
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Binance exchange, the world’s largest cryptocurrency exchange by trading volume, was reported to have problems with a couple of users since there was too much load on the exchange, especially with Web, PC, APP.

CZ tweeted:

He also added that there was much “Higher load” than 2017 when Bitcoin reached its all-time high since inception. Moreover, CZ also said that the APIs for the exchange were working fine and that the team was working on fixing the other issues.

In addition, CZ clarified his tweet about “higher load” as he tweeted:

However, at press time, Binance was the second largest exchange in the whole of crypto space, according to CoinMarketCap, with an adjusted 24-hour trading volume of $2.3 billion. Moreover, as per CMC, the 24-hour change in the trading volume for Binance decreased by 25.78%.

Moreover, Coingecko platform reported that Binance was the largest in terms of the trading volume; it had a normalized 24-hour trading volume of $1.36 billion and $2.38 billion adjusted trading volume.

Although the exchange was hacked a few weeks ago costing it 7000 BTC [now worth $55 million] the exchange, according to CZ, has been performing well enough.



A Twitter user @Khaleed_kareem0, commented:

“Sir, You need bigger servers for this heavy traffic like FB and google, also need to avail the app officially on the App store and update the IOS version All the support for U @binance”

CZ replied to him hinting that they were working with Apple to release an iOS version of the app.

“working with Apple on that one. crypto apps are tricky, it seems.”





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