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The world of cryptocurrencies has received another boost with Facebook, the social media giant, which gains the crypto-verse. The latest reports reveal that the company led by Mark Zuckerberg is working to create its own cryptocurrency that will work on the WhatsApp network owned by the company. The organization also said that the first target to be tested will be India with a growing population of 1.3 billion people, of which WhatsApp has a quota of 200 million.
A source close to the company said:
"Like many other companies, Facebook is exploring ways to harness the power of blockchain technology – this new small team is exploring many different applications – we have nothing else to share."
Reports have suggested that the company is working on a stable currency, a cryptocurrency anchored to the US dollar. With this concept, Facebook plans to minimize volatility "including a custody plan, or the normal currencies that would be held to protect the value of the stablecoin".
This is not the first time that Facebook enters the crypt-verse, with the appointment of the former Paypal chairman David Marcus to lead the blockchain initiative. The latest news has attracted the attention of Changpeng Zhao, the founder of Binance, the largest exchange of cryptocurrencies in the world. He said:
"It's almost time, there's no reason for any instant messaging apps not to issue their own utility token … Let's see who's next." Early bettors have tremendous advantages in adoption (merchants, etc.) LINE and Telegram already publish their tokens – only a matter of time they actually use it. "
Facebook was also in the news recently when it was announced that Litecoin can be managed and directly accessible on the platform through Lite.IM. The announcement was published on their Twitter page:
"We are pleased to announce that @liteim_official is now available on Facebook Messenger." 2Bn + @facebook users can now directly and securely access, send, manage and invest in Litecoin. "
The stablecoin market has seen its ups and downs in 2018, with the main example of Tether. Tether has been involved in a myriad of disputes ranging from the disproportionate price to missing missing funds. The entry of Facebook into the market is seen as a sign by many people involved in the cryptocurrency space to push digital resources into the mainstream realm in 2019.
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