cryptocurrency

Facebook is developing a cryptocurrency for WhatsApp

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According to the first rumors, Facebook would be ready to integrate on its WhatsApp messaging platform the possibility of carrying out cryptocurrency transfers.

Mark Zuckerberg and his engineers are thinking and working to create a cryptocurrency that allows users to transfer money directly to the world’s most popular messaging application: WhatsApp. In this case, the indiscretion comes from India which could be the first place where you would actually want to launch the system under test.

The company is developing a stable coin, which is a more stable, digital currency, but anchored to the US dollar in such a way as to minimize volatility. Facebook Inc. clearly does not intend to release it but is considering precisely what to do in the near future, perhaps including in its strategy a plan for assets.

It has long been expected from Facebook a move on financial services, especially after the assumption of the former president of PayPal David Marcus who has already put his hands in the Messenger app in 2014. In May, Marcus became the head of the blockchain initiatives of the company and even if they have never been faced with such news, in fact at the moment there are about 40 people in his presence, in the blockchain group, already at work.

“Like many other companies, Facebook is exploring ways to harness the power of blockchain technology,” a company spokesman said in a statement. “This new small team is exploring many different applications but unfortunately we have nothing else to share”.

WhatsApp: what could change in the future?

WhatsApp, the company’s encrypted mobile messaging application, is increasingly popular all over the world but especially in India where over 200 million users exchange messages every day. The country is also a leader in the world of remittance payments: only in 2017, Indian citizens have sent 69 billion dollars to India.

Moreover, during the last 2018, a boom of cryptographic projects related to the stable coin was recorded. There were even more than 120 projects related to this theme, according to Stable. The report, a website that keeps track of stable tokens. The concept is to create a digital currency much easier to use on everyday purchases because it is more stable than currencies like Bitcoin even if the idea has proved difficult to achieve in real life with many stable coins closed quickly.

Facebook, which has 2.5 billion global users and over $ 40 billion in annual revenue and more experience in managing regulatory issues, may have a better chance of creating a stable coin that, would be more durable than others. Moreover, one could outline how the first major technology company to launch such a project.

The company’s relationship with India has not been simple in the past, especially for some instances of false news spread through WhatsApp that then led to violence. However, Facebook Inc. sees huge growth opportunities in the country where there is the beauty of over 480 million Internet users, second only to China. And according to Forrester Research Inc., this number is expected to grow to 737 million by 2022.

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