According to Bloomberg, WhatsApp which is the most popular messaging company is developing a cryptocurrency for its users. Token will be primarily used for the money transfers via the application. Facebook will also focus on the Indian money transfer market.
Bloomberg backs “Facebook’s new and stable crypto coin” claim by the reputed reference sources. Bloomberg added that the timing for the launch of this coin will not be near as Facebook still works on an “Asset Storing” strategy. So, there is not an exact time for this cryptocurrency.
Facebook developing Cryptocurrency for remittance and transfers
Facebook prefers to focus on the Indian market
Indian money transfer market is an important area. According to the World Bank reports, India has received around 70 billion USD foreign payments in 2017 which equals the 2.8% of the country’s GDP.
Whatsapp has got high popularity in India with more than 200 million users. The number of users in rural areas of India doubled last year due to the decrease in the internet connection costs.
Facebook’s approach to crypto money market has completely changed last year. In January 2018, Facebook banned the ads of scam financial services.
Facebook has organised an in-house Blockchain Team
In May, David Marcus who is the Manager of Facebook Messenger announced that they formed an in-house Blockchain exploration Team. At the time of the announcement, David was the Board Member of the San Francisco based e-wallet provider “Coinbase“.
Time for a new challenge! After four amazing years leading Messenger, I’m going to setup a small group to explore how to best leverage Blockchain for Facebook. I will miss my fierce Messenger team, but I’m excited about the journey ahead. My full note: https://t.co/nBKAr7vyj9
— David Marcus (@davidmarcus) May 8, 2018
Marcus added that the crypto Team was organised for the primary purpose of benefitting from the advantages of the Blockchain technology. Social Media giant Facebook has removed the banning of crypto ads on June-2018 but prohibited the marketing of ICOs (Initial Coin Offerings).
In August Marcus has resigned from the Board of Coinbase to avoid any conflict of interest.
