Facebook, a well-known name in the world which was used or being used by almost everyone around us is soon going to launch its own cryptocurrency for its Whatsapp messenger application which it had earlier purchased from its founders, Jan Koum and Brian Acton according to sources as reported by Bloomberg.
As reported, Facebook is developing a stablecoin to overcome the issue of volatility in the cryptocurrency market. The exact date of the release of the Facebook coin is not revealed yet but it may not be coming up in the near future as Facebook is still trying to plan out strategies for the same.
The power of Blockchain Technology
The tech giants in the world which are steadily implementing blockchain technology in their infrastructure in one way or the other. Many prominent people in the world of technology may not believe cryptocurrencies to be the future of money but everyone does believe that blockchain may be the future for most technology-related businesses.
The rise of Stablecoins:
The cryptocurrency space has seen a massive increase in the number of stablecoins in the last one year rising to over 120 according to Stable.Report, a platform that tracks the number of stablecoins. The idea behind stablecoin was to bring stability in the market to make it easier for traders to trade as well as stablecoins are quite easier to be used as mainstream in daily life activities just as US dollar or Euro.
But the concept of Stablecoin did not flourish as it should have because of drawbacks such as shuttering down of stablecoins such as ‘Basis’ which recently closed down its operations and controversies around stablecoins such as Tether which people started to believe were not actually backed by the US dollar.
A Crypto Future for Facebook
Facebook has a massive user base of more than 2.5 billion global users and revenue of more than $40 billion thus making Facebook a perfect company to launch a stablecoins as it has the adequate amount of funds to back it as well as a massive userbase for mass adoption.