Social media giant Facebook Inc. has been gathering quite a lot of information on blockchain business ideas lately. The world leading company has been sending their senior employees to the major international blockchain events happening across the globe. Indeed, they have a larger interest in poaching talent for the expansion of their blockchain division. The recent news unveiled that Facebook is working on an esteemed project of creating a cryptocurrency which will facilitate money transfer through WhatsApp messaging app.
The close sources mentioned that India is said to be their first choice to release this exclusive feature. It is further speculated that this remittance feature will run on blockchain platform through stablecoin which is a kind of digital currency attached to the U.S. dollar. Facebook is preferring stablecoin over other available digital currencies in order to minimize volatility. However, nothing has been officially announced by the company officials as of now.
The social media firm is still far away in releasing a cryptocurrency in the market as they are still working on their blockchain business ideas and strategies. They are still working on their plans to begin with regular currencies and custody assets which will help in maintaining the value if stablecoin.
The recent moves of the social media company indicated that there are going to be some major announcements in the future. According to Blockonomi, they hired former PayPal president David Marcus back in 2014 and was given the charge of the company’s blockchain initiatives. Their blockchain team now consists of more than 40 employees.
Why Facebook Prefers India For The Launch Of WhatsApp Remittance Feature
The Indian market of encrypted mobile-messaging app WhatsApp is extremely popular with more than 200 million users. In addition to this, India is one of the major markets for remittances. In a report of World Bank, it was stated that people sent approximately $69 billion to India in the year 2017, as mentioned by Bloomberg.
Indeed, India has a big market and the chances of the survival of great blockchain business ideas are very bright.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]