FACEBOOK IS PROBABLY DEVELOPING ITS OWN CRYPTOCURRENCY

According to the recent reports, Facebook is developing its own stablecoins, a type of cryptocurrency, connected to the US dollar, which can be used for WhatsApp transfers.

Considering that the value of cryptocurrency continues to decrease from its all-time high in December of last year (a decrease of about US$14,000 (RM58,000) per coin over the past year according to CryptoCurrencyChart.com), Facebook remains hanging onto the blockchain dream.

Four years ago, the company employed ex-president of PayPal David Marcus, and in May of this year, he was approved as the head of Facebook’s blockchain initiatives. Indeed, according to LinkedIn’s employee titles, the company’s blockchain division consists about 40 people who are allegedly working on developing this tech to be used for WhatsApp money transfers.

When Facebook does announce this technology, it will likely be targeted at the Indian market, as WhatsApp has over 200 million users in the country, and people send tens of billions of dollars to India every year.

Whereas the cryptocurrency market has been increasing and decreasing occasionally throughout 2018, the general trend is a deep worsening slope. If Facebook goes on to a launch, it will be the first large tech company to enter into this type of project.

 

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