Facebook Preparing Its Own Cryptocurrency For WhatsApp
Facebook Preparing Its Own Cryptocurrency For WhatsApp
[dropcap]A[/dropcap]ccording to the latest reports, the well-known and the most used instant messaging application, of course, I am talking about none other than WhatsApp will soon get its own cryptocurrency. Yes, the social network giant Facebook is preparing its own virtual cryptocurrency for all its users which will simply allow all its users to transfer money to each other.

Facebook Preparing Its Own Cryptocurrency For WhatsApp

The well-known and the most used instant messaging application, of course, I am talking about none other than WhatsApp will soon get its own cryptocurrency. Yes, the social network giant Facebook is preparing its own virtual cryptocurrency for all its users which will simply allow all its users to transfer money to each other.

But, why the social network giant Facebook opted for this medium? It is very simple, as we all know very well that this medium would be less volatile than the well-known virtual currency Bitcoin. As we all know that this year, the company, of course, the social network giant Facebook created a blockchain division which is headed by a former PayPal executive.

Also Read: This App Lets You Earn Cryptocurrency Just By Walking Around

Moreover, according to the well-known media platform, of course, Bloomberg, the social network giant Facebook’s new cryptocurrency will be initially available in India.

However, sources say that the social network giant Facebook should slowly launch its new virtual cryptocurrency. As the social network giant Facebook is still working on creating common currency reserves simply to protect its virtual cryptocurrency value.

If you all don’t know then let me clarify that there are over 120 stable cryptocurrencies are available today, hence, its main aim is to offer a cryptocurrency whose price does not suffer any major fluctuation like bitcoin.

But, a Facebook spokesman recently said in a statement that “like many other companies, the social network giant Facebook is exploring ways to tap the power of blockchain technology. Hence, this new small team is simply exploring many different applications. That’s it, as for now we have nothing else to share.”

In May the social network giant Facebook went through the largest internal restructuring in its history and created a blockchain division that already has 40 employees. And this blockchain division is led by David Marcus, who was the former CEO of PayPal and was part of the board of the Coinbase exchange house.

But, shortly after the rumors have surfaced, the social network giant Facebook was seriously considering launching its own virtual currency which will simply allow all its users to transfer money with each other.

Also Read: How To Block Cryptocurrency Mining In Your Web Browser

While now if we talk about the well-known competitor of WhatsApp, of course, I am talking about Telegram also launched its cryptocurrency known as Gram, earlier this year. However, it was sold only to invited investors, who paid a total of $1.7 billion in the ICO. Moreover, it will be possible to acquire it in foreign exchange offices in the first quarter of 2019.

Moreover, the money obtained with Gram virtual currency of Telegram simply allowed to develop the blockchain TON (Telegram Open Network). As the well-known instant messaging application, of course, Telegram intends to offer decentralized services such as distributed file storage, micropayments, and proxy for VPN. So, what do you think about this? Simply share all your views and thoughts in the comment section below.



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