Facebook Reportedly Developing Its Own Cryptocurrency


In fact, according to LinkedIn's employee titles, the company's blockchain division consists about 40 people who are allegedly working on developing this tech to be used for WhatsApp money transfers. "We don't have anything further to share", a company spokesman said in a statement to Bloomberg.

The social network is reportedly developing a digital currency that will let users transfer money on its WhatsApp messaging service, according to a report Friday from Bloomberg. Also reportedly, in remittances, India leads the world as people sent $69 billion home to India in 2017, the World Bank mentioned this year.

While it would be ironic to pin the hopes of the industry on Facebook, a company which imposed a sweeping ban on cryptocurrency advertising-since retracted-which helped fuel the fire of the bear market, the social media giant could provide the type of appeal and attention needed to get Main Street adoption moving towards the space. "I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch", Marcus said at the time.

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The report concludes that Facebook also shared all of its users' friends' names to Microsoft Bing, allowed Amazon to collect their names and contact information through their friends, and it allowed Yahoo to spectate on users' friends' posts. 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. Among many hurdles to overcome, education for cryptocurrency and blockchain is still a paramount issue for the average internet user to surmount in order to transact with Bitcoin. According to Forrester Research Inc., this number is expected to grow to 737 million by 2022.

However, the report added the actual launch of the stablecoin could still be a way off, since the initiative is at a strategic planning stage.

It might even become 'one of the most popular products in the world'. Rob "Crypto Bobby" Paone, a growth advisor at AirSwap and well-known media personality, joked that decentralization - crypto's underlying raison d'etre - will be truly encapsulated with a Facebook-led stablecoin.