Rumors that have been circulating for a long time are allegedly confirmed. Facebook is developing its own cryptocurrency. Its price is planned to be pegged to the US dollar in order to make it stable.

Cryptocurrency for microtransactions

Facebook intends to enter the market of financial services with its own cryptocurrency. The cryptocurrency price will be pegged to the US dollar. The cryptocurrency is reportedly designed for the Facebook-owned WhatsApp messenger, writes Bloomberg, citing informed sources.

The first market for the Facebook cryptocoin will be India. In India, WhatsApp is highly popular accounting for approximately 200 million users, and India is the leader in the remittance market. According to the World Bank, in 2017, $69 billion was transferred to India via private money transfers.

Rumors about Facebook cryptocurrency plans circulated on the market a long time ago, especially after the former president of PayPal payment service, David Marcus, headed the blockchain division of Facebook in this May. Currently, the department consists of about 40 employees.

In early 2018, Mark Zuckerberg, the founder of Facebook, wrote about his intention to study cryptocurrency technologies in 2018 and analyze the possibility of their integration into Facebook.

According to him, these technologies were born as a social response to the concentration of power in the hands of centralized systems.

“With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralizes power rather than decentralizes it. There are important counter-trends to this — like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services,” Zuckerberg wrote in his message published on his Facebook page.

Crypto Messengers

Apart from Facebook and its cryptocurrency, many technology companies are interested in launching their own tokens. Thus, Telegram is developing the Telegram Open Network (TON) blockchain platform, whose internal cryptocurrency is the Gram token.

In August, the popular Japanese instant messenger Line, with more than 200 million users, launches its own public blockchain Link Chain with its own cryptocurrency called Link.