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Insiders sources have recently revealed that the leading social media platform Facebook, is currently expanding its structure with a major dive into the world of cryptocurrency. As reported by Bloomberg, the social media giant is making plans to incept cryptocurrencies into its messaging application WhatsApp.
According to these insider sources, the company’s focus is strictly on stablecoins. Seeing that the traditional market of cryptocurrency experiences intense volatility, it is understandable that the company is narrowing its plans around stablecoins.
The sources further noted that the project is still in its easy infancy and is yet to reach its finishing stage. Presently, the company is building up on its strategies while setting up a plan for custody assets and many other similarities necessary for the foundation of the project.
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.” – Insider Sources.
The first target audience as revealed by the sources is the Indian remittance market. This should not come as a surprise, seeing that India is one of the counties that pulls in the largest amounts via remittances. In fact, in 2017, it was revealed that Indians received a total of $69 billion from expatriates as remittance.
Are Digital technology giants beginning to have faith in cryptocurrency?
While the crypto community has greeted this news with excitement as this will provide yet another pillar for global adaptation, a handful of cryptocurrency users recalled the time when cryptocurrency ads were a taboo on the Facebook platform.
The crypto ban which was issued on the 30th of January this year was intended to contain the increased rate at which misleading crypto and ICO Ads were overtaking the social media platform. Although the ban was later lifted in June, some crypto users branded it as a means of hindering cryptocurrencies from overshadowing Facebook, which a lot of individuals now believe is going out of trend.