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Author Topic: Bloomberg: Facebook is Developing a Cryptocurrency for Transfers in WhatsApp  (Read 191 times)

Offline conan

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Facebook is reportedly making a cryptocurrency for users of the messaging service WhatsApp, Bloomberg reports on Dec. 20. The token will purportedly be used for money transfers made within the app, and will focus on the remittances market in India.

Citing sources familiar with the matter, Bloomberg states that Facebook is developing a stablecoin. The sources further stated that the coin will not be released anytime soon, as Facebook is still working on a strategy for custody assets i.e. the asset to which the stablecoin will be tied.

The Indian remittances market is significant. According to data from the World Bank, the country received nearly $69 billion dollars in foreign remittances in 2017, or 2.8 percent of the country’s GDP.

WhatsApp enjoys widespread popularity in India, with over  200 million users in the country. The number of users in rural India  doubled last year as data and internet costs in the region declined.

Facebook’s stance on cryptocurrency has changed significantly over the last year. In January 2018, the social media network introduced a crypto ad ban, which it said was designed to prevent “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices.”

In May, David Marcus, the head of Facebook’s messaging app Messenger, announced the formation of a blockchain exploratory team at Facebook. At the time, Marcus was also a board member at San Francisco-based crypto exchange and wallet service Coinbase.

Marcus then wrote “I'm setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch.” Facebook repealed its blanket ban on crypto ads in late June, while upholding its ban on the promotion of initial coin offerings

source
https://cointelegraph.com/news/bloomberg-facebook-is-developing-a-cryptocurrency-for-transfers-in-whatsapp

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Offline Ikkelins

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hahaha...really it's been a long time since i been on that shitty application even though it is very popular. But how do they intend to inculcate blockkchain into their systems in order to make it possible for members to be able to transfer cryptocurrencies to each other.
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Offline Jati

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I think it wouldn't be happen, whatapp will make tools transfers crypto currency in them platform. Because WA can be banned many countries that not allowed crypto.
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Offline kaizel73

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Facebook is so busy trying to make their site on top. And developing own currency is a big one. Wonder if Facebook users support that. Hope some social media platform comes up with a better one that can compete with Facebook.
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Offline The Journalist

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This piece of news is looking more like a mere rumour because nothing seems to have been happening since the news became public knowledge.

Offline Ikkelins

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This piece of news is looking more like a mere rumour because nothing seems to have been happening since the news became public knowledge.
Are you sure it still a rumour now, because i think i have also read on another website that facebook is creating its own cryptocurrency but as to the use case behind it i cannot say for sure. But sure it is going to be a bull if it ever gets listed.
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