Facebook May Develop a Whatsapp Compatible Cryptocurrency

Everyone is trying to figure out what type of product or service Facebook will launch using blockchain and cryptocurrency. According to sources, Facebook is developing a cryptocurrency which will help money be transferred through the popular messaging application WhatsApp.

The sources claim it will first roll out in the highly populated country of India, which is not very crypto friendly at the moment. The cryptocurrency apparently will be a stablecoin which will be pegged to a currency or asset like the US dollar so that the volatility of cryptocurrencies does not affect the transfers.

However, it may still take time for the cryptocurrency to be rolled out as the sources claim that the strategy part is yet being discussed.

Facebook’s interest in blockchain and cryptocurrency has been very apparent. From the hiring of David Marcus to head the Blockchain team to finding blockchain specialists on Linkedin

If the sources are right, initiating operations in a large country like India using Whatsapp is a unique strategy given that there are, 480 million internet users and 200 Whatsapp million users in the country. India is also known to have the leading amount of remittances in the year 2017, which amounted to a whopping $69 billion.

Whatsapp will be second to Kik for offering cryptocurrency payments through a messaging platform. Kik offers users the ability to send cryptocurrency tips to admins and moderators on group chats.

Even the successful Changpeng zhao, CEO of Binance cryptocurrency exchange tweeted about Whatsapp’s cryptocurrency. He even touched on LINE and Telegram offering Cryptocurrency payments soon.

Pro cryptocurrency advocate, Anthony Pompliano replied to a tweet about Facebook’s blockchain hirings on the 6th of December about Facebook building the most used product in cryptocurrency. If the Whatsapp cryptocurrency is indeed true, Pompliano’s prediction may well be right given the size Whatsapp.

Image Source – Pexels

Amrit

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