Facebook, the leading social media giant has made all crypto news channels go berserk as news has leaked about its ongoing development of the 'stablecoin' for WhatsApp. Yes, you heard that right.
As cryptocurrencies are touching the highest ranks on the Fintech chart as well as scaling unbelievable benchmarks for the crypto market, it only makes sense that all mammoth companies are exploring its multiple capabilities to up their business brand. This is exactly why one of the most mammoth companies (Facebook) is coming out with its very own cryptocurrency known as "stablecoin".
Stablecoin is pegged against the U.S. Dollar and plans on making its foray into WhatsApp that is actually owned by Facebook. Now although this has been in news since December 2018, Facebook has still not officially released any statement supporting these claims that are making the rounds of the Internet. Although the first news draft was released by Bloomberg, it put Facebook on the map of Cryptocurrency Exchange market and acquired much crypto acclaim.
The crypto token that has apparently been envisioned for fast money transfers within WhatsApp itself will mainly direct its attention to the large market based in a heavily populated country like India.
Although Bloomberg issued a statement saying that Facebook is in the development stages of the stablecoin, multiple sources has confirmed the release of the crypto coin and it is not going to be anytime soon. This is because Facebook is currently active in visualizing strategies meant for custody assets which will pose as an asset for stablecoins and will be tied to them.
The payments market of India is booming and the recent data acquitted from the World Bank states that India gained a close, mouth-watering $69 Billion as an amalgamation of all foreign acquired payments as its GDP. As of 2019, WhatsApp boasts a massive number of app users almost over 200 million to be precise based on its stats calculated for India. Infact as compared to last year, the rural category of India has adopted the brilliant facilities of the Internet and everything that it has to offer so much so that the number of WhatsApp users have doubled.
Undeterred by these baseless claims and stats, Facebook however remains exactly the same except for its outlook on cryptocurrency. Just last year, Facebook came out with an advert ban on crypto that declared that the ads which were aimed at encouraging any financial products and services were in reality related to wrong, misleading promotional activities.
As issued by David Marcus, the head of Facebook's app messenger, the statement declared the arrangement of a Blockchain research team that was formed to explore standard Blockchain practices to leverage Facebook. Post that, Facebook requested a crypto ad ban in late June all the time backing the promotional activity ban on ICOs as well.
So what do we understand from this? Facebook's development of a crypto coin namely "stablecoin" for WhatsApp is still in development and it will only be a while before all WhatsApp users will be able to flaunt their very own stablecoin.