Facebook is developing its own cryptocurrency

21.12.2018 / 03:58

Rating:

Facebook is working on creating its own cryptocurrency that will allow users to make cash transactions through the WhatsApp chat application. Well-known individuals in the case claim that the company will first focus on remittances in India.

The company develops the so-called stablecoin - a type of crypto coin that is tied to the US dollar in order to minimize volatility. Facebook is away from the release of the coin because they are still developing the strategy, including an asset retention plan or fiat currency that will be used to protect the value of their stablecoin.

Facebook has long been expected to make a move in financial services after hiring former PayPal president David Marcus. In May, he took the lead of Blockchain's company initiatives, which were not publicly discussed at all. Blockchain's Facebook department continues to expand.

Just like many other companies and Facebook are looking to take advantage of Blockchain technology.

Source: Bloomberg Finance L.P.

Photo: Pixabay

Trader Martin Nikolov

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Facebook is developing its own cryptocurrency

London

Universal numbers