Rumors Of Facebook Buying Coinbase In The Near Future Persist, Will This Happen?
Facebook has the largest social media empire in the world, but you already know that unless you have been in a cave for the last 10 years. Now, the social media giant is rumored to be quite interested in entering the crypto game as it continues to circle the crypto market and many rumors of a potential acquisition of Coinbase are floating around.
The Abacus Journal has recently reported on these rumors. The blog affirms that the rumors have not died out and that some recent developments make it even more probable that the company will enter the crypto game.
According to the reports from the company, Evan Cheng, director of engineering and blockchain, has been appointed at Facebook shortly after Viber, a direct competitor to WhatsApp, has decided to launch its own crypto.
Whatsapp is to launch its WhatsApp Payments systems soon, which will be a service that will allow bank to bank transactions via a Unified Payments interface, so this might a reason why Facebook has the sudden interest in cryptos.
Is Facebook About To Enter The Crypto Market?
The Abacus Journal has defined Zuckerberg’s plans as “unclear” but Cheng’s appointment seems like an indication that the company might be starting to get serious with the blockchain technology. Not only the Cheng situation, but the company has unbanned crypto ads recently, so there is a chance that the company might be eyeing this market.
In fact, the rumors are based on the fact that Facebook seems to be struggling to grow and reach new users and Coinbase has been doing the exact opposite. The company is currently very popular with the young demographic and it can be very appealing for Facebook.
There are rumors that Facebook wants to have its own cryptocurrency, too, so this is yet another reason to buy Coinbase. Will it happen, though? Nobody knows until something official comes out.