The Economist of MIT Christian Catalini is assisting Facebook to develop their Stablecoin as reported by two anonymous sources. The professor is speculated to have taken a break to help the Social media company.
The social media platform is developing a Stablecoin that will ease the cross-border transaction. Two insiders of Facebook knowing the project have confirmed that the economist of MIT is working with Facebook. He is probably one of the principal scientists working for the token economy to develop the framework of the coin.
Catalini is an excellent researcher of cryptocurrency and has obtained his Doctor of Philosophy on strategic Management from Toronto University. Presently he is researching on the crypto economy. Last year, along with Professor Joshua Gans he published a report on Initial coin offering and value offerings. Catalini is a professor at the career development centre of Theodore T Miller at MIT.
Catalini was contacted to comment on this, but he declined to respond. In 2014, Catalini was among the few people of MIT to work on Bitcoin project. In that project, he raised 500K dollars of Bitcoin and has distributed $100 worth Bitcoin among the undergraduates of the university.
Facebook has also refused to remark on whether they have recruited Catalini for their crypto project.
Facebook’s Stablecoin is probably the most awaited cryptocurrency after Ethereum. As per the reports, they have invested $1 million for their Stablecoin. As per the stories they tested the highly anticipated Stablecoin in 2018. Although Facebook has not published any official report about their coin yet. Bloomberg was the first to report about the Facebook coin in late 2018.
Facebook is developing its Stablecoin for its messaging service Whatsapp. The coin will certainly have an important effect on the crypto industry as Facebook has a huge number of users to support it. Some crypto enthusiasts believe the Facebook coin will give the much need push to the cryptos to make it mainstream, while some other doubt the centralized nature of the currency.
In 2018, a famous daily of New York stated Facebook has claimed they will thrive where Bitcoin was unsuccessful, while they have kept all the information regarding the coin extremely private. Recently the Chief Executive of the social media company, Mark Zuckerberg has told he trusts the future is self-contained in F8 conference for developers.
The time can only tell about the achievement or failure of the Facebook coin. But will have some impact on the crypto industry.