[ad_1]
According to reports, Facebook is developing a cryptocurrency that will be supported by the US dollar making it more stable and reliable than other currencies. Bloomberg reported the news that the technology giant was creating the currency to use in the WhatsApp messaging app.
It seems that Facebook should first launch the service in India, a country with over 200 million users of WhatsApp. According to sources close to the company, the "stablecoin" is not close to being released, but is currently working on strategies that will guarantee the stability of the currency.
Facebook takes on PayPal exec to expand into finance
The transition to a cryptocurrency will not surprise those who look closely at Facebook. The social media company has hired former PayPal president David Marcus to run his Messenger app in 2014, which is said to be leading the development of stable currencies now.
It seems that the company has also rapidly expanded its blockchain department, making recent 40 new hires. "Like many other companies, Facebook is exploring ways to harness the power of blockchain technology," a company spokesman said in a statement.
WhatsApp heavily used in India to send money
"This new small team is exploring many different applications and we have nothing else to share". WhatsApp users can transfer payments to contacts after connecting their bank account to the service.
According to the World Bank, India has sent $ 69 billion through the app. Stablecoin differs from normal cryptocurrency coins by being linked to currencies which, it is said, will make them more stable than their cousins, typically volatile.
Stablecoins again to leave the mark
According to Stable Report, a website that tracks stable tokens, at some point in its year there were more than 120 stable coin companies. Many of these have collapsed. There is still a great success story, the most high profile stablecoin to date, Tether, is caught up in controversy because of its refusal to be controlled.
Their rejection casts doubt on the company's claims that each of its tokens is supported by a US dollar has also been surrounded by controversy. While the creators of Tether claim that each of its tokens is supported by a US dollar, the company's refusal to be reviewed has raised doubts about whether it is so.
Facebook needs to rebuild customer confidence after the shocking year
The idea was originally designed to make blockchain currencies easier to use in everyday life. Facebook has had a horrible year. It is likely that trust among its users is low after there have been claims about sharing personal data and about secret offers that the company has denied.
It is not clear when Facebook could launch its stablecoin enterprise.
[ad_2]Source link
