Facebook to create a Stablecoin to carry out WhatsApp Transfers

According to reports, Facebook is developing a cryptocurrency which will help users to carry out transactions through WhatsApp. The new development will first focus on the remittances market in India.

Known asstablecoin, it is a type of cryptocurrency pegged to USD in order to cut down volatility. Since the company’s strategy towards the new digital currency is in a developing stage, it will not launched anytime soon. The company has also planned to held custody assets in order to safeguard the value of stablecoin

As per the company, it is finding ways to leverage the potential of Blockchain asother company does.

According to a website called Stable.Reports, last year, crypto projects based on stablecoins were flourishing. There was a time when 120 ventures were ready to get involved in the projects and the concept was out so that daily purchases could be made easier, and it would be more stable than Bitcoin.

As per the World Bank, WhatsApp, which is very popular in India, the encrypted mobile –messaging app has more than 200m users in the country. India tops the world in remittances. In 2017, people from different parts of the world sent money worth of $69M.

Tether, one of the most high-profile stablecoin to date has also been fenced by controversies. But as per Tether’s developers, each of the company’s token is backed by one USD. Since the company refused to be audited, there have been many questions hovering in regard to the case.