Major social media and messaging platforms like Facebook, Instagram, Signal are reportedly in discussions wherein they are planning to roll out all-new cryptocurrencies in the upcoming few years. The new move is aimed at allowing users to send money to their contacts on messaging apps with Venmo or PayPal.
With the two apps, it is possible to move money across international borders.
There are also reports that Facebook is secretly working on building a coin which WhatsApp users can send to their friends and family over the messaging app instantly, states a report published in The New York Times.
There are also reports that Facebook is secretly working on building a coin which WhatsApp users can send to their friends and family over the messaging app instantly, states a report published in The New York Times.
The social media giant has already had discussions with various cryptocurrency exchanges regarding selling the Facebook coin to the consumers. WhatsApp is not the only messaging app to be getting a crypto coin for its consumers.
Even other major messaging platforms like Telegram with an estimated 300 million users worldwide are reportedly working on a digital coin. Encrypted messaging app, Signal is also working on its own coin. If the idea is right, Facebook and Telegram could make the digital wallet for cryptocurrencies available to millions of users in an instant.
Similar to Bitcoin, the new line of cryptocurrencies will make it simpler to move the money between the two countries. In the current designs being discussed, they generally do away with the energy-guzzling mining process which Bitcoin normally relies on.
However, on the downside, the Facebook, Telegram and other companies are likely to face the same regulatory obstacles, if not technological hurdles which have kept Bitcoin from going mainstream.
