I think it’s safe to say that Facebook’s u-turn on cryptos is now complete. Earlier this year when the crypto craze was in full effect Facebook actually banned Crypto advertising on their platform. Months later it turns out Facebook themselves will be making their own crypto.
Yuhp, Facebook is making their own crypto that will allow users to send money via WhatsApp. The crypto is said to be focused on the remittance market and it is expected to debut in India.
It’s believed that whatever crypto Facebook ends up putting out into the world will be pegged to the U.S Dollar in order to make it much more stable compared to other cryptos such as Bitcoin which started the year closer to $20 000 but is ending the year nearer to $5 000.
When will this coin be released?
According to Bloomberg, Facebook is still a while away from releasing this cryptocurrency as they are “still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin.”
Apparently, the company is eyeing the Indian remittance market, which by association will probably mean this will end up being a great fit in many other African countries where remittance is a BIG DEAL!
Not entirely unexpected
Whilst, taking the crypto route does come as a surprise, Facebook’s interest in the payment space has been very apparent. As early as 2017, reports started swirling around that Facebook were working on some payments solution that would be implemented in WhatsApp.