There has been a lot of fluctuations in bitcoin prices (which is a giant in cryptocurrency world), recently and went down incredibly as compared previous year in same months. Bloomberg posted about Facebook that the tech giant is currently working on a cryptocurrency which will let users transfer money on the WhatsApp.
Indian market will be the main focus because Whatsapp is very much popular and has more than 200 millions users as the “Stable Coin” gets developed and it is attached to the USD.
It’s not yet clear when Facebook will launch this stable coin but the team as already started working on it with a plan that will surely help them protecting its value in the market.
Facebook has already hired the David Marcus who was the president of PayPal to run the messenger app and made him the in charge of Facebook’s block-chain initiatives. So this financial service move was expected by Facebook.
Facebook’s spokesperson said to Bloomberg in a statement that
Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share
Source : Bloomberg
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