[ad_1]
According to a recent report published on Bloomberg, Facebook Inc. will be the first technology company to develop a cryptocurrency that will allow Whatsapp users to transfer money through the app. With over $ 40 billion in annual revenue and about 2.5 billion users worldwide, Facebook has a better chance of creating a stablecoin that stands out.
Facebook sees tremendous growth in India; therefore, it will focus primarily on remittances from the Indian market, according to the report as the remittances of the Indian market are significant. The country would have received about 69 million dollars in 2017 as foreign remittances that is 2.8% of the nation's GDP, according to World Bank data. In addition, Whatsapp has a widespread market in India with over 200 million users across the country. According to data from last year, the number of users in rural India has doubled due to the low cost of internet in the country.
A boom in cryptographic projects based on Stablecoins in the last year. Furthermore, the idea behind Stablecoin was to create a digital currency that was more coherent unlike Bitcoin and easier to use in daily transactions. Therefore, it is believed that a company is developing a "stablecoin", a virtual currency anchored to the US dollar to reduce volatility, the people said. Other sources added that the currency could be released at any time. The company is still in the process of developing its strategy on custodial assets that would be responsible for constantly maintaining the value of the stablecoin. Last year, Facebook significantly changed its perspective on cryptocurrency.
After David Marcus (former PayPal president) joined the Facebook Messenger app, the company was supposed to extend a move in financial services, thereby introducing financial services to Messenger and the main application. He became head of blockchain initiatives in May. Facebook then started partying and formed a 40-person blockchain exploration team. That time, Marcus was also a member of the Crypto Exchange board and the Coinbase portfolio service in San Francisco. Marcus said: "I'm creating a small group to explore how to make the most of blockchain on Facebook, starting from scratch." But lately, Marcus resigned Coinbase in August. The reason he left Coinbase was explained by him: "Because of the new group I'm installing on Facebook around blockchain, I decided it was appropriate for me to resign …".
In January 2018 a cryptographic advertisement was published to prevent advertisements promoting financial products or services associated with deceptive misleading advertising promotion practices. But Facebook abrogated the prohibition of cryptographic ads by withdrawing the ban on promoting the first coin offerings in June 2018. Here's how Facebook began to explore different ways to exploit blockchain technology.
