Facebook cryptocurrency could soon be a reality through one of its purchases – WhatsApp. Facebook is very quietly trying to power money transfers and enter the foray into the cryptocurrency ecosystem.
Earlier this year, Facebook announced a blockchain group. Amidst the bitcoin and cryptocurrency hype and frenzy, the tech giant announced that David Marcus, a former PayPal and Facebook Messenger boss, would lead the team. Ever since then, Facebook has stayed quiet as to the group’s goals, even with rumors flying around as to what its goals may be.
According to a report from Bloomberg, Facebook is trying to build a successful “stablecoin”, a cryptocurrency that’s pegged to the dollar. The most famous example of the stablecoin would have to be USDT Tether. It seems that the first target audience will be India.
Facebook is reportedly trying to hire a small cadre of cryptocurrency enthusiasts, from project managers to academics. However, they’re having trouble hiring talent, mainly due to the company’s incredibly centralized nature – something that runs counter to the idea and nature of a decentralized cryptocurrency ecosystem.
What do you think? Financial institutions are coming into the space. Retail investors are too. We firmly believe we’re early adopters in this space. Have you been enjoying this latest bull run? Or do you think this is a bull trap? Let us know on our Facebook page
