BREAKING: Facebook and WhatsApp join the stablecoin mania

According to a recent Bloomberg report, Facebook decided to join the stablecoin mania. The report says the most popular social network is developing a new cryptocurrency optimized for WhatsApp, the mobile application.

The new crypto by Facebook is planned to be a US dollar-backed stablecoin, designed for money transferring via WhatsApp. However, it is said that the coin won’t be released way too soon — the report says it’s in the stage of strategic planning still. The plans define the new crypto to be focused on India. This is quite obvious, because India holds more than 200 million users of WhatsApp, and is, in fact, the world’s largest remittance country. According to the studies, more than $69 billion sent home to India in 2017, which makes the state lucrative for mobile-app money transferring.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” a company spokesman stated to Bloomberg.

Facebook is on a blockchain mania, as the company has more than 40 specialists in its new blockchain group, including David MARCUS, the former PayPal President, who was appointed the head of the company’s blockchain initiatives in May. Concerning the new project, Facebook is choosing the best possible approach to custody, in order to securely hold users’ fiat currencies.

Image courtesy of Marketwatch.com