More and more details have since emerged regarding Facebook’s illusive product used in crypto. According to Bloomberg, Facebook had been actively hiring blockchain developers towards the end of last year and is now in the infancy stages of developing a new Stablecoin.
For those who do not know, a Stablecoin was developed in efforts to mitigate the volatility of the coin by being paired to a currency or alternatively exchange traded commodity and is a more centralized method.
According to Bloomberg, Facebook is creating the Stablecoin for their messaging application Whatsapp to help with remittances in the Indian Market. India purportedly accounts for more than 200 million users on the encrypted messaging service Whatsapp and is steadily increasing with the decreased costs for internet data and internet.
Facebook is still a long way away from establishing the crypto-based remittance service as they are actively establishing a plan on gaining the rights to tying their crypto to a custody asset.
Despite these reports emerging towards the end oy last year, information about this venture was mentioned back in June 2018. The Head of Facebook’s app Messenger, David Marcus will be leading the project and still being seen “aggressively”employing for data science, software engineering and marketing positions fortheir new Stablecoin venture.
Since December 2018, when Argentina held the G20 meeting and announced a task force for establishing rules and regulations for Cryptocurrencies by July 2019, fervent speculation has surrounded other tech giants with the opinion who is next? Particularly from the FAANG group of stocks (Facebook, Apple, Amazon, Netflix, and Google).
Since writing the previous article on Facebook it looks like the answer to my question has been answered, Apple has since announced a new blockchain endeavor and are working with the Responsible Business Alliance to set up a new collection of blockchain guidelines for the minerals supply chain industry, by increasing traceability using smart contracts of the blockchain technology.
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