Facebook building a cryptocurrency for WhatsApp
Rumours have been going around about Facebook seeking to develop a cryptocurrency for WhatsApp transfers. Apparently, the focus is on a stablecoin that will let users transfer money in the remittance market in India.
There is no certain information about when it will launch but according to Facebook, it is not going to be so soon. The company is still in the process of developing strategies and a plan for custody assets to protect the value of the stablecoin.
Facebook had a very scandalous year, and we often heard its name connected to negative things, but their ambition about crypto appears to remain and the company has long been expected to make a move in financial services. After they hired David Marcus, former president of PayPal, in 2014, everyone had expectations on this matter.
Like every other company, Facebook has been hiring people in its blockchain group, and they are too trying to get in the blockchain ecosystem and they want to explore the power of this new technology.
WhatsApp is probably the most popular encrypted messaging platform, and everyone has heard of it. In India alone, WhatsApp has more than 200 million users.
There has been over 120 ventures related to stablecoins in the last past year, but we heard many shut down. The most known and used stablecoin Tether has also had a lot of issues this year. Even though the creators say that each coin is backed by one U.S. dollar, doubts have been coming up after the company refused to be audited.
We believe that Facebook, which has billions of users and more than 40 billion dollars in annual revenue might have a better chance of making a stablecoin that holds what it promises. Facebook will be the first lage technology company to launch a stablecoin.
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