Facebook to Develop Cryptocurrency for WhatsApp Transfers

Facebook Inc is reportedly developing a cryptocurrency that will enable users transfer money via its WhatsApp messaging app; a move which adds further proof to the company’s goal about better monetizing WhatsApp and adaptive technology.

It could be recalled that the social media giant bought WhatsApp in 2014 for about $19 billion.

The company is developing a blueprint token to be used for money transfers made within the app, with a view to minimize volatility through the stablecoin. According to internal sources, the plans and strategies towards its development are in the works as they look to offer a reliable stablecoin pegged to the USD.

This news comes as no surprise, Facebook has over time been making moves in the financial and blockchain sphere. First was its setup of a blockchain team with about 40 employees headed by former PayPal president David Marcus as well as recent published vacancies by the company for various blockchain roles.

However, despite the budding enthusiasm on this news, Facebook remains quiet on its advanced plans as the company continues to work on a strategy asset to which the stablecoin will be tied. A statement credited to a company’s spokesman says on Bloomberg:

Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring different applications. We do not have to share anything further. He explained.

WhatsApp and India a Logical Choice

According to sources, this new cryptocurrency could have India as its flagship destination as the Whatsapp messaging app is most popular in the country and globally given its cost effective and convenient messaging/money transfer solution.

India plays host to over 200 million monthly active WhatsApp users and 480 million internet users, second only to China. Another reason for India’s choice is the country’s ranking as the world’s largest remittance market with over $69 billion sent home to India in 2017, hence a worthy choice to kick start the project.

The choice of stable coins looks like a new trend as it would offer more stable prices (no volatility) as opposed to the regular cryptocurrencies; even though most stablecoins have faced multiple scrutiny and criticism in recent times.

Mixed Reactions

Analysts in some quarters have embraced the project especially considering a reversal of the company’s initial ban of crypto ads as they believe that Facebook stands a greater chance at recording success with the stablecoin; due to the company’s experience and regulatory trademark.

Another factor they opine is the pedigree of the Facebook team with notable names like David Marcus (Also former board member at Coinbase currently heading the team. It could be recalled that Marcus had resigned his position at Coinbase to focus actively on building the Facebook blockchain team from scratch.

However, a few others believe the proliferation of centralized cryptocureency options are unnecessary as they disrupt the core values of digital and P2P payments.

The Facebook blockchain team has a vision which reads “to make blockchain technology work at Facebook scale and improve the lives of billions of people around the world.” If successful, the project would be the first huge tech project launched by a reputable company.

In all, Facebook’s resolve to monetize WhatsApp with its large number of users seems rational considering its little revenue at this time despite the huge services being rendered. The company had hinted at incorporating status ads and in app purchases on the WhatsApp platform by 2019.

What does the Facebook/WhatsApp project portend for the industry? Are you convinced the crypto sector is here to stay? … Share your thoughts below.

Written By

CryptoEnthusiast, CryptoEducator, Angel Investor, Writing Pro and Techie

102
Leave a Reply

avatar
102 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
96 Comment authors
DelmerMibDelmerMibShanetepShanetepShanetep Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
MarcosChins
Guest
MarcosChins

tadalafil daily use: http://tadalafilonline20.com/ tadalafil generic

MichaelCer
Guest
MichaelCer

buy medication without an rx medications without a doctor’s prescription

MichaelCer
Guest
MichaelCer

trusted india online pharmacies: https://genericwdp.com/ pills without a doctor prescription

JeffreySwene
Guest
JeffreySwene

viagra over the counter walmart online doctor prescription for viagra
viagra without a doctor prescription usa

JeffreySwene
Guest
JeffreySwene

where to buy viagra online viagra over the counter walmart
viagra discount

JeffreySwene
Guest
JeffreySwene

viagra amazon buy real viagra online
where to buy viagra online

JeffreySwene
Guest
JeffreySwene

viagra without a doctor prescription usa price of viagra
buy viagra online canada

JeffreySwene
Guest
JeffreySwene

generic viagra walmart buy real viagra online
best place to buy viagra online

StanleyUriff
Guest
StanleyUriff

how do i get valtrex valtrex uk over the counter

StanleyUriff
Guest
StanleyUriff

diflucan 6 tablets can you purchase diflucan

Thomaslar
Guest
Thomaslar

price of viagra https://viagrapills100.com/ viagra online usa

ElmerKarry
Guest
ElmerKarry

ed pills without a doctor prescription cheap ed pills from canada
buy ed drugs

ElmerKarry
Guest
ElmerKarry

online medication cheap ed pills usa
cheap ed pills

Jasonsar
Guest
Jasonsar

https://zithromaxst.com/# where to get zithromax over the counter

Jasonsar
Guest
Jasonsar
Jasonsar
Guest
Jasonsar
ScottJam
Guest
ScottJam

https://zithromaxproff.com/# can you buy zithromax over the counter in canada
zithromax 500mg

ScottJam
Guest
ScottJam

https://zithromaxproff.com/# where can i get zithromax over the counter
order zithromax without prescription

ScottJam
Guest
ScottJam

order clindamycin online: ciplox generic
order cleocin

ScottJam
Guest
ScottJam

erythromycin generic: order amoxil online
order myambutol

BillySkAva
Guest
BillySkAva

tinidazole for sale: order cipro online
order nitrofurantoin

Stevenhearf
Guest
Stevenhearf

india pharmacy mail order: india pharmacy without dr prescriptions buy medication online from india

Michaelbew
Guest
Michaelbew

india pharmacies shipping to usa: buy medication online from india india pharmacy mail order

Michaelbew
Guest
Michaelbew

india pharmacy mail order: united pharmacy india india pharmacies online

Stevenhearf
Guest
Stevenhearf

trusted india online pharmacies: online medications from india reputable online pharmacies in india

BillyNep
Guest
BillyNep

cialis pills: best ed pills viagra pills

RobertrhypE
Guest
RobertrhypE

viagra pills: https://edpillsonline24.com/# best ed pills

RobertrhypE
Guest
RobertrhypE

best erectile dysfunction pills review: https://edpillsonline24.com/# viagra pills

BillyNep
Guest
BillyNep

pills for erectile dysfunction: erectile dysfunction pills order erectile dysfunction pills online

Jamestah
Guest
Jamestah

mexican viagra viagra without a prescription buy viagra online without prescription

MichaelUndip
Guest
MichaelUndip

viagra price: viagra online no prescription viagra without a prescription

MichaelUndip
Guest
MichaelUndip

viagra pill: viagra without prescription viagra online no prescription

Jamestah
Guest
Jamestah

https://amoxilst.com/# where to buy amoxicillin 500mg without prescription

Claudcog
Guest
Claudcog

diflucan oral: diflucan tablet price – diflucan where to buy uk

Jamestah
Guest
Jamestah
Claudcog
Guest
Claudcog

diflucan generic brand: diflucan without a doctor prescription – diflucan generic brand

MyronBrots
Guest

dating website
adult ads

Jamestah
Guest
Jamestah

http://doxycyclinest.com/# odering doxycycline

Claudcog
Guest
Claudcog

doxycycline hyclate: doxycycline antibiotic – doxycycline hyclate 100 mg cap

RobertTiz
Guest
RobertTiz

lasix uses: furosemide – buy lasix online

PierreOptit
Guest
PierreOptit

https://lasixst.com/# furosemide 40mg

RobertTiz
Guest
RobertTiz

lasix side effects: furosemide 20 mg tabs – lasix medication

RobertTiz
Guest
RobertTiz

buy metformin 1000 mg online: online drugstore metformin – metformin buy

Jamesspeem
Guest
Jamesspeem

where can i buy valtrex online: cheap valtrex – valtrex pills where to buy
finasteride price

Jamesspeem
Guest
Jamesspeem

tadalafil generic cost: order tadalafil – cialis pills
cheap propecia generic

Jamesspeem
Guest
Jamesspeem

how to buy valtrex without a prescription: valtrex without a doctor’s prescription – buy generic valtrex online
propecia for hair loss

Jamesspeem
Guest
Jamesspeem

ventolin usa: buy asthma inhalers without an rx – ventolin online uk
propecia india

Jamesspeem
Guest
Jamesspeem

valtrex mexico: cheap valtrex – valtrex generic otc
buy finasteride no rx

CharlesEmuro
Guest
CharlesEmuro

valtrex medicine price: valacyclovir without a doctor’s prescription – where can you purchase valtrex
valtrex 500mg online

Jamesspeem
Guest
Jamesspeem

propecia.com: propecia for sale – where to buy propecia online
propecia order