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Facebook aims to develop a stablecoin to minimize volatility. The release of the currency is still far away while they are still working on the strategy. Facebook is expected to switch to financial services after hiring former PayPal president David Marcus to run his messaging app. Marcus became the head of the company's blockchain initiatives, although this has not yet been revealed.
They were engaged in revelry. According to the employee headlines on LinkedIn, around 40 people are in the blockchain group. A company spokesman said in a statement
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.
Encrypted mobile messaging app of Facebook, Whatsapp is one of the most popular app in India with 200 million users. India also leads the world in remittances. According to the World Bank, in 2017 people sent 69 billion dollars to India. 2017 has been booming in encryption projects related to stablecoin. Also at one point there were more than 120 adventures related to this theme. Stable.Report, a useful website for tracking stable tokens was useful in tracking data.
This concept was useful in creating a digital currency that was simple enough for everyday purchases. This was because it was more stable than other currencies like bitcoins. But this idea is difficult to apply in real life. Like stablecoin, called Basis closed only after eight months. Hoboken, a company based in New Jersey, said there was no apparent way to classify itself as a security against a currency that could reduce the apparent number of potential buyers.
Although Tether is the highest profile stablecoin to date, it also has controversy. Even Facebook, which has 2.5 billion global users that exceed 40 billion dollars in annual revenue, experiences regulatory problems. It could also have a better chance of creating an attacking stablecoin. So Facebook account is the first large technology company to launch such a project. Currently, India has 480 million Internet users, only seconds in China. And this number could increase to 737 million by 2022, according to Forrester Research Inc.
What do you think of this new step taken by Facebook? How much can people attract? Share your thoughts in our comments section.
Summary
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Facebook uses Cryptocurrency, helping users to transfer money to Whatsapp
Description
Facebook Inc. is currently planning to use cryptocurrency to allow its users to transfer money to Whatsapp.
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Admin
Publisher name
Coinpedia
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