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Facebook has announced that it is developing its own cryptocurrency designed for use within the popular messaging application WhatsApp, confirming rumors that Facebook was developing its own token.
According to Bloomberg, Facebook is launching a stablecoin for use with WhatsApp, focusing first on remittances in India. Remittances are money sent back home from those living outside their country of origin, and the remittance market is becoming the focus of a number of crypto efforts, especially the remittance market surrounding the continent of Asia, which alone is a $256 Billion market, and is often pointed out as a perfect opportunity for a crypto use-case.
Facebook to develop its own cryptocurrency (a stablecoin) for its own WhatsApp messenger.
â Brian (Crypto) (@shoelessbrian) December 21, 2018
The app is really popular in India, over 200 million users. The focus is the remittance market India, an estimate of $69 billion were sent home! đđđ $crypto $btc $eth #bitcoin
Reportedly, the coin is quite a ways from launching, but the notion that Facebook would make a crypto play has been teased for months, with rumors circulating around the tech giant following blockchain related hires and the creation of apparent crypto task forces. Just yesterday Gavin Brown, a lecturer on technology and cryptocurrency at Manchester Metropolitan University spoke to Express and indicated his believe that âFacecoinâ could pose a serious competition to established cryptocurrencies like Bitcoin, with Facebook continuing to accumulate subsidiary tech firms and build a solid marketplace to deploy new technologies.
Facebookâs cryptocurrency is not close to launch, and specifics are yet to be released, but with the amount of hype around a cryptocurrency which hasnât even been developed, itâs likely this will not be the last you hear about Facebookâs crypto projects.