Facebook could launch its new cryptocurrency later in June, The Information reports.
Sources told The Information that Facebook has approached a number of financial institutions and tech companies to join a foundation which will contribute capital to the project and help to manage the digital currency.
Facebook’s upcoming cryptocurrency is reportedly designed to facilitate cross-border transactions without any fees, and could be integrated into the company’s WhatsApp messaging platform.
The cryptocurrency will exist on a decentralised network of computers, ensuring there is a degree of separation between the coins and Facebook.
Users will not be able to mine the cryptocurrency, and it will not function as an investment – rather acting as a genuine transactional digital currency.