Mark Zuckerberg’s Facebook is developing a crypto coin for remittances

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Mark Zuckerberg’s Facebook team is reportedly working on developing its own stablecoin that is pegged against the USD and is expected to be exchanged on WhatsApp instantly with friends.

Facebook is not alone!

As per the recent speculation floating around the Internet, Facebook is not alone, since WhatsApp competitors including Telegram and Signal are also said to be working on developing coins with similar functionalities.

The New York Times reports that the Internet outfits like Facebook, Telegram and Signal are planning to roll out new cryptocurrencies around next year enabling users to send money to contacts on their messaging systems.

Facebook exploring other options to use the blockchain technology!

The social media giant is in talks with cryptocurrency exchanges about selling the Facebook coin to consumers. Having said that, the project is far from over, since it’s still working on the strategy.

A few days back, we have reported the acquisition of a Blockchain startup Chainspace by the social media giant Facebook. The social media company is also exploring other options to use the blockchain technology with recent acquisitions.

Back in May last year, David Marcus, the head of Facebook’s Messenger app, announced the formation of a blockchain exploratory team at Facebook as well.

On the other hand, instant messaging app, Telegram is also working on a coin which will work with Signal, an encrypted messaging service. The report also stated, “Most of them appear to be working on digital coins that could exist on a decentralized network of computers, independent to some degree of the companies that created them.”

All said and done, Facebook has 2.5 billion global users with more than $40 billion in annual revenue. Till now the social media company had some good experience in addressing regulatory issues and may secure a better chance of making a stablecoin that works.

All we need to do is to wait and watch!

Stay tuned to Silicon Canals for more updates in the tech startup world.

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