Facebook Inc. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app according to insiders.
The company is developing a stablecoin — a type of digital currency pegged to the U.S. dollar — to minimize volatility.
Facebook is far from releasing the coin, because it’s still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin.
WhatsApp is highly popular in India, with more than 200 million users. Add to that the fact that India leads the world in remittances, with more than $69 billion sent home to India in 2017, and it becomes obvious why Facebook chose it as the first location to test the new stablecoin integration.
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” a company spokesman said in a statement. “This new small team is exploring many different applications. We don’t have anything further to share.”
Speculators also suggested that Facebook Maybe Cooking up The Following;
- A crypto wallet with a “FaceCoin” to pay for goods and services from partner merchants or from Facebook ads, significantly lowering the costs of such transactions by skipping credit card transaction fees.
- Sending cryptocurrency to friends to share bills and other expenses, rather than requiring users to connect a credit or debit card to Messenger as is the case today.
- Use blockchain technology for security and identity verification reasons, with an improved user interface compared to the hassle of using other decentralized applications (dapps) today.
With this new coin coming, Facebook could just fork bitcoin into a corporate version.
via: Bloomberg
The world is getting more digital. It was Opera, soon it will be facebook/whatsapp. What next Yomiprof cryptocurrency?
Lol! 1000 free stablecoin for you
??? Yomiprof Cryptocurrency all the way!
This is a good idea, maybe a better alternative to highly volatile and effervescent Bitcoins. Additional of WhatsApp is a big bonus
Am still not into cryptocurrency yet.. Guess am very late if i join today
Digital everywhere….it’s a good one
This will really come in handy
good innovation but wonder how they will secure this from all these whatsapp Moders like gb yo and co
hope it won’t be like bit coin that has been fluctuating all this while?
That’s will be nice. But hope earning the stable coin won’t be that stressful
This will be cool…
My fear: Scammers will flood whatsapp as soon as it get rolling..
Yet to get the hang on cryptocurrency
It’s cool, will make people more knowledgeable about digital currency
Nice, Let see how it will work.
hmmm… whatsapp nor wan hear o. Very soon, they may have their own bank..lol
This will be lovely,I. Can’t wait to see how it will work
Will like to see how it works
It’s not too late to dive into cryto world.
We have the privilege of information here.
Welcome development. Let’s see what happens.
Still yet to understand what this coins something means
First come, first served! The best thing is to quickly invest on it. Get your profit and take off b4 it becomes another MMM. Humble advice that is not humiliating!
Blockchain technology is slowing gaining ground and the big tech coy are positioning themselves.
Hmmm. Lets see how it goes.
Tho I’m not a fan of cryptocurrency