Facebook Messenger may not support cryptocurrency payments, at least in the short term. This is what David Marcus, Facebook’s vice president of messaging said during an interview with CNBC. Other messaging apps are taking different steps to introduce blockchain technology and cryptocurrencies to their platforms. LINE is going to launch a cryptocurrency exchange and Telegram its own Initial Coin Offering (ICO).
Facebook Messenger Outside the Cryptocurrency World
Unfortunately for cryptocurrency and messenger lovers, the former president of PayPal said that high transaction fees and slow transactions are making it difficult for the company to introduce cryptocurrencies to the platform. He pointed that cryptocurrencies are having some issues that need to be solved before adding them to the messaging app.
He commented during the interview:
“Payments using crypto right now is just very expensive, super slow, so the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we’ll do something.”
Some days ago, Facebook announced that it was going to ban cryptocurrency and ICOs related ads. According to the company, Facebook needs to protect its users from scammers and other kind of fake news. Marcus has also commented about it, and he explained that the intention is to reduce the amount of scammers participating in the community.
Apparently, the intention is to wait until the cryptocurrency will be regulated and more mature. This is a move that some enterprises are taking in order to avoid unwanted results.
Line and Telegram Embrace Cryptocurrencies
Some other messaging apps like LINE or Telegram have been working with blockchain technology. Both of these companies have plans to launch their own cryptocurrency-related services.
As we have written before at CoinStaker, LINE is going to offer a cryptocurrency exchange to its users. This would allow several million customers all over the world to easily access the cryptocurrency market.
The statement released by the company reads as follows:
“In the midst of this success, LINE has established this new company in order to create and provide an even more revolutionary financial service. Going forward, LINE will use this new company as a base as it proceeds with preparations to provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance – all from the LINE app – and will continue to grow its financial business.”
At the same time, Telegram is preparing the biggest Initial Coin Offering ever. The intention is to create a cryptocurrency that would be used in Telegram’s platform. Besides that, it will have less scalability issues compared to Bitcoin and Ethereum and it will have several other new characteristics.
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