If Facebook’s latest mission comes true, Kik may not be the only messaging app to support cryptocurrency. As per insiders, the social media behemoth is planning to develop a cryptocurrency that enables WhatsApp users to send money to each other as per reports from Bloomberg.
Reports say that the company is creating a ‘stablecoin’- a type of digital asset pegged to the US Dollar, to minimize volatility. The publication furthered that this “will hopefully address any potential volatility to ensure that transfers hold their value long enough for the recipient to turn them back into spendable fiat”.
It is also possible that this stable coin will only be available to those living in the US, but that matter remains to be seen.
Of course, it’s a long time before this is implemented- as Facebook has only started to develop the concept and strategy for the cryptocurrency.
While, cryptocurrencies may be banned in several countries and having regulation crises, but it’s no doubt that they continue to incite debate as well as encourage innovation to beat the existing policies. So, let’s see how Facebook fare.