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Is Facebook planning to use its own currency for Whatsapp?

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Cryptocurrencies such as Bitcoin have been on everyone’s lips for around one and a half years – and also in many digital wallets. Now Facebook is working on its own digital payment solution, as Bloomberg.com reports . This should allow Whatsapp users to easily transfer money among themselves.

Because the value of such digital currencies depends strongly on supply and demand and is not immune from speculation, Facebook obviously relies on a so-called stablecoin. This is a currency that clings to a fixed value – in the example of Facebook to the US dollar.

Not official

Facebook, however, is still very cold on the project: “Like many other companies, Facebook is looking for ways to leverage blockchain technology,” said a spokesperson for the company, adding, “We have nothing to blame.”

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The fact that Facebook is entering the market for digital payment solutions has long been expected. Already in 2014, the former Paypal boss David Marcus was hired as head of the messenger department on Facebook. Marcus became head of the Blockchain team on Facebook in May and also has a post on the board of the cryptocurrency exchange, Coinbase.

Huge market

The Whatsapp currency is not yet ready for the market, but should first be introduced in India, because the Messenger already has over 200 million users there. And according to World Bank figures, India is also a leader in transferring money to the home country. In 2017, for example, Indians sent home over $ 69 billion.

Apparently, the group expects a decent growth. Because if only a part of the total of 480 million Internet users in India payments on Whatsapp executes, the fee income would bubble. If the project is actually realized, Facebook would also be the first tech company with its own currency.

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