Facebook has been reported to be actively planning the launch of its stablecoin via popular instant messaging service, WhatsApp, according to a recent report by Bloomberg.
Joining a Future of Cryptocurrency
Giant tech companies such as Facebook and Google might have taken unfavorable stances towards the cryptocurrency market, but it is gradually becoming obvious that the tech powerhouses are not ready to entertain the possibility of leaving cryptocurrency and blockchain technology to autonomous new firms: if these two evolving technologies would be the future, they might as well join in the party early.
Facebook has been muted to have a designated crypto team since the beginnings of last year, and according to Bloomberg, the company has reportedly gone on a ‘hiring spree’, employing more than 40 experts into its blockchain team. The company has taken a huge interest in the cryptocurrency space, and the implementation of distributed technology and has continually invested a considerable amount of resources to achieve its goals.
Research is currently being carried out by the team, and while Bloomberg admits that the company might be far away from launching a major product into the industry yet, it is still however in an active process.
India: The Perfect Launch Pad
Facebook chief plan, as regards to blockchain and digital currency, has the launch of its official stablecoin at the top of its priority.
Facebook which is jointly affiliated with WhatsApp, Messenger, and Instagram, would have its stablecoin targeted at its messaging services—and India has a big role to play in its success.
WhatsApp, the most popular messaging service in the world, and consequently the most used in India would be the perfect launch pad for its crypto plans as Facebook targets India’s rich remittance services to be implemented via its messaging app. Monetary transfers and payments would be implemented in WhatsApp once the plans are executed. As reported earlier, the plans are still in its early stage of development and Facebook would be working on a strategy for custody assets— the asset to which the stablecoin will be tied.
The choice of India as its targeted market is logical and expected, given more than 200 million users of the almost 500 million internet users in India are also active WhatsApp users. The study projects the number of internet users in India to eclipse 700 million in the next three years.
Last year, India received almost 70 billion dollars in foreign remittances from transfers across the world, a staggering figure that is almost 3% of India’s GDP.