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2 minutes read

Report Shows Facebook Is Developing Its Own Cryptocurrency For WhatsApp

| Published on December 23, 2018

Facebook after its recent run-in with Congress doesn’t seem to be taking a step back, with rumours about the Apps desire to build its own Cryptocurrency, playing out till day. The company which acquired WhatsApp in 2014 seems to be willing to use it for digital transfers under its new ‘rumoured’ development.

A recent Bloomberg report which is based on quotes by ‘people familiar in the matter’ and avoids any hard factual data, reinstates these doubts about a possible new competitor in the Cryptocurrency market. It states the goal of development of a stable-coin is in the works via a small team of people. However, it seems to be lacking on the fronts of mentioning India as a target market, considering the country’s history with payment apps and Facebook’s smartness in corporate business.

But, to consider, the official appointment of former Paypal president David Marcus, who has a good idea about how payment apps work in the modern world, as the head of an ‘exploratory initiative’ and further extensive recruitment in the ‘Blockchain’ department, as hints towards a hidden agenda, isn’t wrong. However, there are certain facts in place as well.

Firstly, Facebook is interested in having its one Blockchain technology as it has officially stated. Secondly, it is also very possible that it might not develop its own cryptocurrency to avoid legal complications. Thirdly, Blockchain can be used for many other applications except digital payments. Fourthly, the company has not released any factual or clear statements to confirm or deny any speculations.

So, Rumours are said to be rumours till confirmed. However, speculation of a new Cryptocurrency in 2019 or Facebook’s game plan of being back with a bang cannot be ignored.

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