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Anthony Pompaliano or better known as Pomp through social media is one of the most popular voices of the crypto community. Generally, it is against centralized institutions, however, when he heard rumors Facebook launches its own cryptography, it was surprisingly in support of it.
The founder and partner of Morgan Creek Digital emphasizes that India has a large population, a significant adoption of smartphones and a regulatory environment that leads people to be interested in cryptocurrencies.
Facebook he realizes that this could be an enterprise that defines an opportunity and has some of the most talented people working to make this effort successful. The most ideal scenario would be for Facebook to build the world's dominant payment system.
"This would be a direct competitor to Visa and Mastercard, but it's more likely to happen than you think." Facebook has billions of users and tens of millions of merchants, which gives the company an edge over competitors by running bootstrap of the network effects needed to block both sides of a market, "says Pompliano.
Wagering against David Marcus, Kevin Weil, Morgan Beller, Zuck, Chris Cox and the FB growth team is madness.
I will ride with that crew every day when it comes to building, launching and climbing products.
Ask competitors how the last time went 😂🤷🏽♂️
– Pomp 🌪 (@APPLANT) 6 December 2018
In a new announcement on Bloomberg, it seems that Facebook is trying to enter into this decision launch of a stablecoin.
The stablecoin would allow users of the WhatsApp program to transfer funds, even if the plan is to start with the Indian market. Together with the world on the stablecoin, Facebook is working on protocols for:
"Custody assets, or regular currencies that would be held to protect the value of the stablecoin."
If Facebook launches the stablecoin that according to what is said by building, it will quickly become the most used product in crypto.
WhatsApp has over 200,000,000 users only in India.
The Indian government has also fought cryptography, so things are about to become very, very interesting …
– Pomp 🌪 (@APPLANT) 21 December 2018
A few months ago, nearby sources Facebook he noted that there was a shift in the fact that the social media empire was already working on a cryptographic product within the Stellar network.
So far, there have been continuous denials by Facebook about these types of efforts, so there's no clear reason why what the blockchain development team is doing. For now, Facebook is still bringing blockchain developers to the team. The head of this team, David Marcus, had left his job at Coinbase to continue the work with Facebook, stating that there was a new conflict of interest.
Anthony Pompaliano he thinks it is obvious that Facebook will plunge into financial technology as this provides them with a better business model than the current intrusive advertising model.
"If the technology company could successfully build the product and drive adoption, it will have the opportunity to switch from a social network to one of the world's largest financial services companies." This move would allow them to take a small percentage of each transaction and reduce dependence on their advertising-based model. "
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