More than 50 engineers work in the blockchain department of Facebook. Their desks are located in the office, which can be accessed only by those who have special key cards.

Secret squad of blockchain specialists

Facebook's blockchain division, which employs more than 50 engineers, is run by former PayPal president David Marcus. According to the New York Times, citing sources in the company, the blockchain team is isolated from other employees of the social network and is located in an office which can be accessed only by employees of the blockchain department.

Facebook is considering several ways to use the blockchain technology that allows to keep track of financial transactions on multiple computers, rather than relying on a single major central player, such as PayPal or Visa.

The main focus of Facebook is on creating some kind of digital coin pegged to the value of a traditional currency, reported earlier Bloomberg. This token will work on the basis of WhatsApp messenger and is scheduled for release in the first half of 2019 in the Indian market. Facebook has already begun negotiations with several large cryptocurrency exchanges, discussing listing of their new token. The price of the token will be pegged not only to dollars but also to other national currencies.

Considering the planned integration of WhatsApp with other Facebook services (Messenger and Instagram), the user base of the new digital coin may be up to 2.7 billion people in the future.

Competitor from Durov

The similar digital product is developed by Pavel Durov's Telegram. The mainnet of the blockchain platform Telegram Open Network (TON) and its Gram token are expected to be launched in March. TON attracted $1.7 billion in 2018 during several rounds of ICO. Although Telegram's creator Pavel Durov kept the information about the blockchain platform in secret, it leaked to the media, and after filing documents with the US Securities Commission and US Stock Exchanges (SEC) the raised amounts became publicly known. The total number of investors amounted to 175. It is planned to issue 5 billion tokens in total, of which 2.89 billion are already sold to investors.