The most popular social network Facebook is in the latest news on our DC Forecasts crypto news site. According to a recent Bloomberg report, the social media giant is reportedly looking to develop its own stablecoin for money transfers.
The report also showed that the company will first focus on the Indian market to let users transfer money via a dollar-pegged altcoin on WhatsApp which is the messaging app that Facebook acquired in 2014.
However, the report also notes that the actual launch of such stablecoin could still be a way off, since the initiative is at a strategic planning stage. Right now, WhatsApp has over 200 million monthly active users in India. The market in the country is also one of the largest ones for remittances, with migrants sending $69.59 billion back home in 2017 alone.
As the major crypto analyst an founder at Morgan Creek Digital Assets, Anthony Pompliano tweeted:
“If Facebook launches the stablecoin they are reportedly building, it will quickly become the most used product in crypto. The Indian government has been fighting crypto too so things are about to get very, very interesting.”
Meanwhile, there are many global messaging applications such as Kakao, LINE and Telegram which already revealed their plans to move into the blockchain space.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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