'If Facebook Coin is listed on exchanges, we're on for a helluva ride'

01 Mar, 2019 | Updated: 01 Mar, 2019
by Jelmer van der Dussen
'If Facebook Coin is listed on exchanges, we're on for a helluva ride'

Facebook is planning to launch its own cryptocurrency and, according to a report of the New York times, is already in talks with exchanges to get their coin listed in the first six months of 2019. Jeremy Gardner, who founded decentralized prediction market platform Augur, says we're in for a 'hell of a ride'. 

On Twitter, Gardner stated: 'Mark my words, if Facebookcoin (or Zuckbucks) is actually listed on crypto exchanges and is made accessible to 2.5 billion people, we’re in for a helluva ride.' People are questioning whether a centralized company such as Facebook will be able to launch a true cryptocurrency, but that's not Gardners point. 'My point is that they’d listed on crypto exchanges where *other* real crypto currencies can be found.'

Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, responded to the comments of Gardner stating that it will be 'a hell of a ride straight to surveillance and censorship, unfortunately'. Gardner replied: '(I) Would take Facebook’s digital currency over any nation state’s, and it will make it much harder for the latter to compete now. And my point here is this is going to expose an *awesome* number of people to true crypto currencies.'

Gardner added that 'there will be more eyes on crypto than any point in this technology's history' as soon as Facebook users are introduced to a cryptocurrency. 

Read more: 'Facebook Coin' might be ready to trade in first half of 2019

According to the report of the New York Times, Facebook Coin will be a stablecoin, but not one only linked to the value of the doller. Facebook would be looking at pegging Facebook Coin to several foreign currencies. The company also wants to make the coin available to use on other platforms such as Messenger, Whatsapp and Instagram. The first major use case of Facebook Coin is for users of Whatsapp, who can easily transfer funds through the messaging app to friends and relatives.

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