Anonymous Sources Believe Facebook Could Unveil Its Stablecoin As Soon As The Third Quarter
In a recent article released by Bloomberg on May 8, they informed that anonymous sources believe that Facebook could release its stablecoin as soon as Q3, 2019. Now, the social media giant is hiring a PayPal expert before launching its virtual currency and blockchain network.
Facebook’s Stablecoin Closer Than Never Before
There were several rumors related to Facebook’s coin and how Facebook was working on a new initiative to provide cross-border payments for the Indian market through a digital currency based on the messaging app WhatsApp.
At the moment, 20 percent of the team working on blockchain technology come from PayPal and are guided by avid Marcus, a former president of the payments platform. The new project is called “Project Libra” and it could be launched in just a few months in India.
There are several experts such as Anthony Pompliano and Michel Novogratz that believe that the new digital currency will be very important for the cryptocurrency market as a whole. India has more than 200,000,000 WhatsApp users and the number of individuals using the digital asset could reach several millions.
The main intention is to facilitate overseas remittance payments for Indian WhatsApp users. The digital currency is expected to be a stablecoin and to be pegged to the value of the local currency. Additionally, Facebook is expected to be backing the digital currency with funds that it has.
At the moment, WhatsApp users in India can test the beta of WhatsApp Pay. Individuals can send peer-to-peer payments, link up their bank accounts and perform purchases with their WhatsApp account. Nonetheless, this specific project does not use blockchain technology.
Michael Novogratz commented about this crypto project:
“I think it’s a stunningly important thing. I think it’s a good thing for the entire space… You’ve got one of the largest companies in the world saying ‘we believe in cryptocurrency.”
Moreover, having Facebook in the crypto market is also very positive for the whole space. It will be providing credibility to digital assets and it will also increase the confidence of institutional investors.
Spencer Bogart from Blockchain Capital said that the plans that Facebook has for its stablecoin could help the market double or triple the users of digital assets. Once a user owns Facebook Coin, it can also move to other virtual currencies such as Bitcoin (BTC) or Ethereum (ETH). Moreover, he thinks that this development will act as a catalyst for other companies to develop blockchain-related solutions or even to launch their own stablecoins.
Nonetheless, Facebook didn’t comment anything about this project and what they are planning to do with virtual currencies in the future.
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