Could Facebook and Whatsapp Become Major Players in the Remittance Market with Crypto?

It is safe to assume that anyone with a working internet connection has heard of Facebook and its subsidiary, Whatsapp. Bloomberg reported on Dec 21, 2018, that Facebook is working on a cryptocurrency that will let users transfer money on its Whatsapp messaging app. Are Cryptocurrencies at the precipice of mass adoption?

Facebook boasts of the largest active user base of 1.7 billion after more than a decade of existence. That number could have been more if countries like China, Iran, North Korea, and Bangladesh had not banned Facebook. On the other hand, Whatsapp has 1.5 billion users in 109 countries. The most popular countries include India, Brazil, Mexico, Russia, and many other countries. Facebook is primed to become a major player in the remittance market due to the sheer number of users and reputation in developing countries.

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