WhatsApp Coin to Become the First Mainstream Cryptocurrency?
According to reports online, Facebook is developing its own cryptocurrency to be used on the messaging application WhatsApp, with alleged plans to focus on the remittance market in India.
In 2014, Facebook acquired WhatsApp for an astonishing $19 billion. With access to 1.5 billion users through the application, this new cryptocurrency could become the world’s first truly mainstream digital asset overnight!
Further details by Bloomberg reveal that the new cryptocurrency will be a stablecoin, pegged to the U.S. dollar to avoid volatility. Earlier in 2018, former head of Facebook Messenger, David Marcus, announced the creation of a small group dedicated to researching “how to best leverage blockchain across Facebook.”
While details should be taken lightly for the time being, it’s safe to assume that Mark Zuckerberg and Facebook are very much aware of cryptocurrencies and blockchain technology’s disruptive potential.
Sending Messages and Money Together is Already Happening!
Facebook Messenger is also widely used by the masses and could potentially have other cryptocurrencies integrated into it. This is already a reality through Lite.IM, which uses Facebook Messenger to send and receive Litecoin.
Sending information is something we barely give a second thought towards, and sending value with similar efficiency is the next objective as we embrace digital assets. Just as we embraced the Internet and social media in the late nineties and early 2000s, many will still remember how Bebo, Myspace, and MSN Messenger made the world a much smaller place.
The potential for unbankable citizens to have financial independence in Asia, Africa, and South America could trigger a wealth transfer not seen for generations, something an investor or entrepreneur cannot overlook.
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.