Whereas most people want to get in on cryptocurrency as buyers, Facebook is looking to become a seller. Facebook is currently in the process of developing a cryptocurrency that would allow WhatsApp users to make money transfers. According to sources, Facebook will be focusing on India first due to the booming business that is the remittances market. Facebook’s value is down due to the Cambridge Analytica scandal (among other things), so following the money is their best option.
Facebook intends to use what is known as a “stablecoin“. As you may have guess from the world “stable,” stablecoins differ from typical cryptocurrencies, as they are intended to trade for and hold at a stable value, unlike regular cryptocurrencies like Bitcoin, which are extremely volatile and can massively spike or dip in value daily.
The revelation does not come as a surprise, as it has been ones that industry insiders speculated about years ago. Facebook purchased Whatsapp back in 2014 for 19 billion, and in that same year hired former PayPal president David Marcus. This has lead people to believe that Facebook would enter into the world of finances sooner or later.
There is no ETA for when Facebook’s stablecoin will be finished, and it is probably still in the early stages of development, but it will likely see release within a few years.
