Will Facebook’s Foray Into Cryptocurrency Drive 2019 Adoption?

Bitcoin (BTC), Cryptocurrency, Facebook–On Dec. 20th, EWN reported on the development that Facebook, the world’s largest social media platform with over 2 billion active users, is in the process of creating a new cryptocurrency to be used for WhatsApp transfers.

While the company has yet to make an official announcement, early details are reporting that the currency will fall in the class of stablecoins, with the initial focus on targeting the remittance market in India–a sphere of influence Ripple, with the XRP coin, boasted of holding a near 50 percent market share earlier in the year. Facebook had previously been tied to rumors of a partnership with Stellar XLM, which was subsequently denied in an official statement released by the company. The newest expansion of a stablecoin is presumed to be designed in-house by Facebook’s established blockchain division, a sector of the company that former PayPal president David Marcus has been head of since May (Marcus previously ran Facebook’s Messenger app since being hired in 2014).

Original source

Add comment

Please Sign in to be able to leave comments.