Social media giant Facebook is reportedly looking to develop its own stablecoin for money transfers.
Citing anonymous sources familiar with the plan, a Bloomberg report on Friday said the company will first focus on the Indian market to let users transfer money via a dollar-pegged cryptocurrency on WhatsApp, the messaging app Facebook acquired in 2014.
The report added the actual launch of the stablecoin could still be far since the initiative is at a strategic planning stage.
Its blockchain team in May, aiming to explore the emerging technology.
To its blockchain team with expertise on data science, software engineering, and marketing.
David Marcus, who previously served as a vice president for Facebook's Messenger app division, now heads the social media giant's blockchain team.
Evan Cheng, a senior engineer, as its first blockchain engineering director.
"If Facebook launches the stablecoin they are reportedly building, it will quickly become the most used product in crypto," tweeted.
Other global messaging applications, such as Kakao, LINE and Telegram, have already revealed plans to move into the blockchain space.
In August, Japan's LINE became one of the first publicly traded companies to have launched its own blockchain mainnet with a cryptocurrency called the LINK token.
Facebook to Develop its Own Stablecoin for Remittances: Report
gepubliceerd op Dec 21, 2018
by Coindesk | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.