Facebook intends to launch its own currency for WhatsApp
Facebook is said to be working on building its own encryption currency for WhatsApp. Bloomberg reported that the company's Block Shin Group is looking into building a new stable for WhatsApp.
Stablecoin is a form of digital currency that is linked to the US dollar, almost like a fixed exchange rate system. Will allow much lower volatility compared to forms of the encoded currency such as Bitcoin because it will be linked to real currency.
Facebook plans to use Asquitect to enable the transfer of funds to WatSab, focusing first on the remittance market in India, where the application has more than 200 million users. The feature will allow users to transfer funds using Facebook's stablecoin.
It is reported that the company is still in its early stages of development for new stability. In fact, it is still working on the project strategy, with a Facebook spokesperson confirming that the company's blockchain team is still discovering different applications for the vulgar currency.
Facebook implementation here will be the deciding factor for the future of its stable location. The company has reached a point where the size of the privacy and security disputes that have emerged in the past 12 months has put it in a bad position that will put it in doubt for any future move.
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