Facebook to develop cryptocurrency for Transfers in Whatsapp
According to Bloomberg Reports on 20-Dec, Facebook is creating its own cryptocurrency for money Transfer for the Messaging Service ‘Whatsapp’. The Purpose of the Token will be for internal Money Transfers within the app, & it will Focus on Remittances Market in India. According to Bloomberg Facebook is trying to build Stablecoin, and according to further sources the coin will be not Released anytime soon, as Facebook is still working on the Project and strategy for custody assets.
the reason for focusing Indian Remittances Markets is because India Received $69 billion in Foreign Remittance in 2017 & 2.8% of the country’s GDP. Whatsapp has around 200 million user base in India and it has almost doubled from last year. so basically WhatsApp has huge fan following & Popularity in India & Facebook wants to grab this Opportunity