Facebook has been in turmoil since the beginning of this year. One by one, right from allegations from Congress to latest data leaks, Zuckerberg was questioned by authorities frequently.
Ever since Facebook acquired Paypal’s former President David Marcus, it’s anticipated that the company may be setting plans to vow in the blockchain industry too.
Facebook’s Anticipated Cryptocurrency – A Stable Coin!
Upon releasing any coin, the company may plan to venture it out through its subsidiary, Whatsapp. As it’s easy to integrate and has much potential than its parent company to succeed.
Even when Whatsapp announced introducing adverts into its platform soon, users fearing to lose their privacy (end-to-end encryption) in their conversations, but they didn’t go against. This represents the 200million userbase’s strong adaption and resistance to changes which is desirable for the company. Another reason for choosing the Indian market primarily is because of the statistics on money transfers. Indian s has transferred a sum of $69billion in the last year, according to the World Bank’s report.
So, from the recent reports of Bloomberg, it has cited from some company’s insider that, Company (Facebook) shall leverage the robust technology of blockchain and plan to launch its own cryptocurrency. And mostly the stable coin!
What’s a stable coin?
A Cryptocurrency which has its value pegged to a US dollar, or in practice, to any fiat currency. This makes the connected cryptocurrency to possess similar price and movements, which is desirable of being less volatile than other cryptocurrencies.
It was observed from LinkedIn profiles that, Facebook, at this point has a team of 40members and in a hiring spree.
At this point, there are more than 100 Cryptocurrencies having a stable-coin concept according to Stable. The report, and it’s interesting how Facebook’s coin can be unique. Maybe from its vast userbase or it’s high-profile, it has the power to exploit or help them in the near future.