Social media giant, Facebook plans to launch its own cryptocurrency. If Facebook announces such a technology, it will target the Indian market, since Whatsapp is already extensively used in India.
Bloomberg reported that Facebook is busy developing its own stablecoin, which is a type of cryptocurrency, and it will be tied to the US dollar and can be used for WhatsApp transfers as well.
The value of cryptocurrency continues to reduce from its all-time high in December last year. During these times, it has decreased by about $14,000 per coin, and these statistics were reported by CryptoCurrencyChart.com. But Facebook still wishes to make its blockchain dream come true.
If Facebook launches such a currency, it will be the first-ever tech company to enter such a project. Sources from Bloomberg claimed that the corporation is busy developing their own digital currency and it will be known as stablecoins. It will be pegged to the US dollar.
Four years back, Facebook hired the former president of PayPal David Marcus. In May this year, Marcus was appointed as the head of Facebook’s blockchain initiatives. LinkedIn’s employee titles suggest that the company’s blockchain division has about 40 people who are working on developing this technology which can be used for WhatsApp money transfers too. But the sources also added that launching it is a far-fetched dream as of now.
Even after all the privacy and security concerns regarding Facebook, the user base has only seen an upward curve. About a whopping, 2.3 billion people are active every single month on the social media website, and this was reported by Statista. Launching cryptocurrency seems to be a smart choice since Facebook’s user base is going pretty strong even after the privacy scandals.