As per recent article on Bloomberg , facebook is developing a cryptocurrency that will allow users to transfer money through their whatsapp messaging app and they are first focusing on market in India. They are developing a stable coin-a type of digital currency pegged to the U.S. dollar as bitcoin have high volatile nature.
This is a good thing that big names are moving into crypto world now.
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articleI do not really understand why people are so excited about this, even if Facebook is getting in the market of cryptocurrencies they are creating a cryptocurrency that will be completely centralized and that is not going to be that much different from fiat, so while that may bring some attention to the market and could bring new investors it is not such a huge news if you ask me.
Although Facebook data was stolen still Facebook is considered a giant,they are going in crypto space in other to show it's user that their data is now decentralized and secured so they can attracted it's user + crypto space towards it.As they have big fund so they can easily attract users and become a giant in crypto world.the reason they will able to do it because of people who waste their time uploading selfie and pic and commenting on others,so there might be a chance that they can become big as they used to be.