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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