Christian Catalini, MIT Professor Reportedly Working on Facebook Coin

Christian Catalini, MIT Professor Reportedly Working on Facebook Coin

Christian Catalini, Massachusetts Institute of Technology professor is on leave and working on the development of Facebook coin.

According to the the report, two anonymous sources with knowledge of the situation talked about Catalini’s collaboration with Facebook. Catalini the Theodore T. Miller Career Development Professor at MIT is reportedly one of the more prominent researchers in the field of token economics. He recently co-authored a report with University of Toronto professor Joshua Gans on initial coin offerings and the value of tokens.

Facebook is reportedly seeking investments worth $1 billion for its bespoke cryptocurrency.

At the end of 2018, Bloomberg reported that the company was creating a crypto for users of its WhatsApp messaging service. Then, in February, a New York Times report stated that Facebook is “hoping to succeed where Bitcoin failed” with its highly secretive cryptocurrency project.

As it stands now, both Facebook and Catalini have not responded to request for comment on the reported development.

According to Cointelegraph, Catalini was one of the people leading the MIT Bitcoin Project, which raised $500K to distribute $100 worth of Bitcoin to all undergraduate students at MIT in 2014.

Facebook remains one of if not the biggest and most popular social network in the world with thousands of daily users signing up daily. Last year, Facebook had some issues with the United states senate and some authorities as it was accused of selling out the profiles of its members to advertising companies. If the Social media giant succeeds in creating its own cryptocurrency, it will go a long way to promote the global acceptation of cryptocurrecies.