From banning bitcoin ads to reportedly creating their own currency. Facebook took a massive u-turn all of a sudden. But we can’t blame them, cryptocurrencies are THAT irresistible. Everyone is joining the bitcoin clout!
According to new reporting by Bloomberg, there are rumors of Facebook making the cut and joining the crypto bandwagon. A little birdie told us, one that we can’t disclose, that a project is underway that aims to develop a money transfer system for its WhatsApp app that uses a stablecoin.
And for a company like Facebook pegging its way to his system could be a turning point for the entire digital nerd money business.
We all know how WhatsApp has turned into the number one messenger app. In India alone, there are over 200 million users, enjoying the massive popularity in various parts of the world. The motivation for all this came when they realized that there are so many people thats end home money in the form of remittances. The app will focus on money transfers that can be made within the app.
Imagine being able to send money home through an app you use on a daily basis without much hassle. On top of it, it will be fast, secure, and easy, All you would have to do is get the stablecoin and you will be all set. Although they want to initially launch in India, it would be great if they could extend their services to Pakistan as well.
Now it seems Facebook wants to take a cut by using cryptocurrency. The rumors couldn’t be kept hush hush when the company made some hires for a brand new blockchain team back in May 2018. On top of this, they sent out job listings for five more staff positions earlier this month as well.
All they had to say regarding this was:
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” a company spokesman said in a statement. “This new small team is exploring many different applications. We don’t have anything further to share.”
Facebook picked this venture in a very crucial time as the world of Bitcoin doesn’t seem so good. But it is only the beginning of the year. If we look at the past, February has been fruitful for the world of cryptocurrencies, a lucky month, if you want to call it. So if things seemed to be getting better then this initiative could work really well not only for Facebook but for us as well. All we have to do is wait out the period now.