Every other company is curious about cryptocurrency. How can the Facebook be behind in the adoption? Yes, the major social networking service company, despite of its myriad privacy scandals, is allegedly planning to launch its own cryptocurrency that is said to be a “stablecoin.”
Facebook is developing a stablecoin that would help WhatsApp users to transfer the money, according to the reports from Bloomberg.
The report says that the WhatsApp feature will focus on the remittances market in India.
Stablecoin is a type of digital currency that is pegged to the US dollar. The major goal behind developing a stablecoin is to minimize volatility. This is what people said who were asked not to be identified discussing the internal plans.
However, when will this WhatsApp feature be live is still unclear. According to the today’s report, this is going to take a time since Facebook is far from being ready for the launch of its stablecoin. The company is still in the development process of its overall strategy since this is something that relates to the custody assets as well as other details going along with the a cryptocurrency launch.
According to the reports, the social networking giant has been looking to expand its role in finance while introducing new financial services to both its primary application as well as Messenger.
WhatsApp is now an incredibly popular encrypted messaging platform. The messaging app has made a strategic escape from the privacy worries surrounding Facebook’s other properties. The large part of the fact is that the majority of its user base doesn’t actually realize that Facebook owns WhatsApp. More than 200 million people use WhatsApp in India alone.
As indicated by the reports from Bloomberg, Facebook may have a chance of making a stablecoin that sticks in the market, and if that happens, Facebook would become the first technology company to launch such a project.