Facebook Inc. is reportedly planning to release its own cryptocurrency pegged to the U.S. dollar, initially for facilitating money transfers via its WhatsApp messaging app.
According to the report from Bloomberg, Facebook is developing a stablecoin that would help WhatsApp users to transfer money, the reports also say that the WhatsApp feature will focus on the remittances market in India.
Remittances are money sent back home from those living outside their country of origin, and the remittance market is becoming the focus of a number of crypto efforts, especially the remittance market surrounding the continent of Asia, which alone is a $256 Billion market, and is often pointed out as a perfect opportunity for a crypto use-case.
It’s unclear when the feature might go live, but today’s report says it won’t happen soon as Facebook is “far” from being ready to launch the coin.
The company is currently in the process of developing its overall strategy as it relates to custody assets and other details that go along with a cryptocurrency launch.
WhatsApp has 200 million users in India alone, and is a world leader of remittances, with about $69 billion sent back to the country in 2017, according to the World Bank.
Perhaps by the time, Facebook’s coin is released, there will be a more stable market for stablecoins, several of which have been struggling of late.