Facebook to Enter Crypto Market with WhatsApp Stablecoin | Money Transfer Through Whatsapp - Infire Tech & Trends - Technology, Entertainment, Arts and Crafts by Infire Media

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Facebook to Enter Crypto Market with WhatsApp Stablecoin | Money Transfer Through Whatsapp

Facebook to Enter Crypto Market with WhatsApp Stablecoin | Money Transfer Through Whatsapp

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Facebook Inc. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter.

The coin is being initially designed to take advantage of the booming remittances market in India

The company is developing a stablecoin -- a type of digital currency pegged to the U.S. dollar -- to minimize volatility, said the people, who asked not to be identified discussing internal plans. Facebook is far from releasing the coin, because it’s 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, the people said.



More specifically, the company is reportedly developing a stablecoin to minimise volatility in the remittances market in India, which experiences some of the world's largest volumes of money transfers to families, to the tune of $69 billion in 2017.

A stablecoin is technically a cryptocurrency, although it is designed to be far less volatile than the likes of Bitcoin. Instead of accruing its own value, stablecoins are pegged to a fixed amount of real-world assets, such as fiat currencies like the dollar, or tradeable commodities like gold and metals.

Crypto Market | WhatsApp Stablecoin | Bitcoin

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