Facebook is creating a cryptocurrency to use on WhatsApp, says report

Crypto Binance CEO About Time Facebook Launches Its Own Crypto Bolsters Adoption Nick Chong

Crypto Binance CEO About Time Facebook Launches Its Own Crypto Bolsters Adoption Nick Chong

Facebook is reportedly working on building its own cryptocurrency for WhatsApp.

David Marcus, who previously served as a vice president for Facebook's Messenger app division, heads blockchain team.

"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology", a Facebook spokesperson told the news agency. "We don't have anything further to share", a company spokesman said in a statement to Bloomberg.

Anthony "Pomp" Pompliano echoed this bullish outlook on the asset, drawing attention to the fact that in India alone, WhatsApp is present on the devices of 200 million consumers. The country is a leader in the world when it comes to remittances - according to the World Bank, more than $69 billion have been sent overseas to India in 2017 alone.

However, Novogratz followed his remark with a generally optimistic outlook for the industry over the next several years, citing the inverse relationship crypto's valuation has started to exhibit with growing adoption.

According to Stable.Report, a website that tracks stable coins, there has been a boom in the crypto projects during the past one year.




Social networking giant Facebook may become the first tech firm to develop a digital currency of its own.

A stablecoin known as Basis recently closed after eight months.

Regardless of the nature of cryptocurrency and WhatsApp's reputation, one thing is exceptionally clear.

The swift collapse came after Basis drew well-known backers like Andreessen Horowitz and Kevin Warsh, a former governor of the US Federal Reserve. Other stablecoins are also available, but none of them are as well-known as Tether. They'll do so through the use of a stablecoin, a type of cryptocurrency that's backed by the United States dollar on a one-to-one basis.

Facebook, which has 2.5 billion global users, more than US$40 billion in annual revenue and greater experience navigating regulatory issues, may have a better chance of making a stablecoin that sticks. However, it was later stopped as the government had ruled that the company will not be able to launch WhatsApp Pay till it sets up an office and recruits a team in India. Facebook's entry into the market is seen as a sign by a lot of people involved in the cryptocurrency space to push digital assets into the mainstream realm in 2019.

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