[ad_1]
Facebook is working on creating a cryptomoeda that will allow users to transfer money via the WhatsApp messaging application, focusing first on the remittance market in India, according to people close to the file. The company is developing a stablecoin – a type of digital currency indexed to the US dollar – to minimize volatility, said people, urging them not to be identified to discuss internal plans. Facebook is far from cleaning the currency because it still works on strategy, including a plan for holdings, ie ordinary currencies that would be held to protect the value of the stable currency, said people.
Sometimes, some Facebook enter the financial services sector after hiring the former PayPal president, David Marcus, to run the Messenger application in 2014. In May, Marcus became responsible for the initiatives of the blockchain channel of the company, which have not been discussed. publicly in detail. According to the offers posted on LinkedIn, Facebook is doing a number of hires and currently has about forty people in its blockchain group.
"Like many other companies, Facebook is looking for ways to harness the power of blockchain technology," said a spokesman for the company in a statement. "This new small team is evaluating many different applications, we have nothing to report."
WhatsApp, the company's proprietary mobile messaging application, is popular in India with over 200 million users. The country is also the world leader in remittances – the World Bank reported this year that $ 69 billion has been sent to India in 2017.
In the past 12 months, there has been an explosion of projects Stablecoins. According to Stable.Report, a website that monitors stable tokens, more than 120 related developments occurred at one point. The concept was thought to create a digital currency that would be much easier to use in everyday shopping because it would be more stable than coins like Bitcoin.
The idea has proved difficult to materialize in real life and at least one important project. has been canceled in recent weeks. A stable base known as Basis was recently closed after eight months of operation. The company based in Hoboken, New Jersey, said there was apparently no way to be clbadified as a title rather than a currency, which could significantly reduce the number of potential buyers. The rapid collapse took place after Basis drew known supporters, such as Andreessen Horowitz and Kevin Warsh, former governor of the US Federal Reserve.
Tether, perhaps the most famous stablecoin to date, is also surrounded by controversy. Although the creators of tether say that each token is backed by a US dollar, the company's refusal to be audited raises doubts about its veracity.
Facebook, which has 2.5 billion users worldwide, $ 40 billion in annual revenue and greater experience with regulatory issues might have a better chance of creating a stable budget. It would be the first major technology company to launch such a project. The company's relations with India have been strained, mainly because some cases of fake news broadcast by WhatsApp have generated violence in the country. Nevertheless, Facebook sees a huge growth opportunity for the country. India has 480 million Internet users, behind China. According to Forrester Research, this number is expected to reach 737 million by 2022
.
[ad_2]
Source link
