{"id":146923,"date":"2021-12-10T01:07:51","date_gmt":"2021-12-10T01:07:51","guid":{"rendered":"https:\/\/precoinnews.com\/?p=146923"},"modified":"2021-12-10T01:07:51","modified_gmt":"2021-12-10T01:07:51","slug":"whatsapp-might-launch-cryptocurrency-for-money-transfers-2","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/blockchain\/whatsapp-might-launch-cryptocurrency-for-money-transfers-2\/","title":{"rendered":"WhatsApp Might Launch Cryptocurrency for Money Transfers"},"content":{"rendered":"

W<\/strong>Back in April 2018, Facebook publicized the launch of its very own blockchain department. The news wasn\u2019t surprising at all, granted that most major companies are experimenting with the technology. However, last week, the social media giant announced the start of a hiring spree, with focus on blockchain experts and developers. <\/p>\n

Facebook\u2019s sudden increased interest in the market sparked
\nquestions, as people throughout the world begun wondering what the platform was
\nplanning. When announcing the inception of its blockchain department, the
\ncompany mentioned that: “Like many
\nother companies, Facebook is exploring ways to leverage the power of blockchain
\ntechnology (\u2026) This new small team is exploring many different applications. We
\ndon\u2019t have anything further to share.”<\/em><\/p>\n

Well, we finally have the answer. It seems like the company
\nis working on a cryptocurrency that would be made available on the WhatsApp
\nmessaging application. <\/p>\n

As such, WhatsApp is looking to implement some of the
\npayment transfer functionalities that rivals such as the Chinese WeChat are
\nalready providing their users with. However, the feature will be different,
\nsince the WeChat payment transfer feature isn\u2019t based on a digital currency. With
\nthis in mind, the cryptocurrency will be a \u2018stablecoin\u2019. This means that
\nFacebook will try its best to keep the coin\u2019s volatility as low as possible,
\nthus tying its value to the US dollar. <\/p>\n

Internal sources have stated that the coin is far from being
\nreleased, and that development efforts are just being started. Facebook will
\nalso have to devise a financial strategy alongside a method of protecting its
\ncustodial assets. <\/p>\n

WhatsApp\u2019s fintech ambitions are understandable, granted its
\nmassive number of users and the afferent potential of the new feature. Additionally,
\nreports indicate that the blockchain-based cryptocurrency will be first
\nreleased in India, where there are over 200 million users of the messaging
\nplatform. Initially, it will serve as a remittance coin \u2013 as over $69 million
\nare sent home by Indians working abroad on a yearly basis. Lastly, India is also
\nhome to a population that is massively unbanked, thus further increasing the
\npotential of Facebook\u2019s cryptocurrency. <\/p>\n

The concept of stablecoins isn\u2019t new to the digital currency market. However, most companies working on such coins haven\u2019t gathered a huge following, because of regulatory issues and the lack of relevant use cases. With the WhatsApp cryptocurrency, however, Facebook may just create a new high-profile cryptocurrency. <\/p>\n

Featured Image via BigStock.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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