Crypto Mass Adoption -- Courtesy of Facebook and WhatsApp

Crypto Mass Adoption - Courtesy of Facebook and WhatsApp

Date: 
March 02, 2019
Read time: 
2 minutes

Late 2017, early 2018 saw cryptocurrency ads being banned across every Facebook platform. Now guess what? This whole time Mr. Mark Zuckerberg has had a team building Facebook’s own cryptocurrency!

Late 2017, early 2018 saw cryptocurrency ads being banned across every Facebook platform. Now guess what? This whole time Mr. Mark Zuckerberg has had a team building Facebook’s own cryptocurrency!

Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology.

The whole project is being held tightly under wraps. Bloomberg reached out asking for a statement. They were given nothing but general hints.

"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," is all a Facebook spokesperson would say. "This new small team is exploring many different applications. We don’t have anything further to share."

But those few words do, in fact, say a whole heck of a lot. After all, In 2014 Facebook hired David Marcus to run its Messenger app. David Marcus is a former president of PayPal. And, according to employee titles on LinkedIn, Facebook has more than 40 people in its “blockchain group.” 40 people is no small number. There are ICO’s which raised millions of dollars and run blockchain companies with fewer than 40 employees.

What Does All This Mean?

The same Bloomberg article went on to say that “Facebook Inc. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter.”

This is big news. If Facebook were to develop a stablecoin -- a type of cryptocurrency tied to the U.S. Dollar -- and then deploy it on WhatsApp in India …. Wow. What a bombshell.

WhatsApp is used by over 200 million people in India -- that’s 2/3rds the population of the U.S. And the World Bank estimated that India leads the world in remittance payments. Its data showed $70 million moved to India in 2017 alone.

Mass Adoption on the Horizon

The world has been hearing about Bitcoin and blockchain for almost a decade. Growth has been accelerating. The SEC is slowly but surely implementing laws. Nasdaq recently released indexes between BTC/USD as well as ETH/USD. There is no longer any doubt -- the horizon is bright with the rising halo of Bitcoin and cryptocurrencies. It’s high time to prepare. A great place to start is The Ultimate Beginners Guide, which covers everything from the basics of investing in cryptocurrencies to deeper subjects. After all, the best time to catch a wave is at the beginning -- not when it’s crashing on the beach. News like this about Facebook proves the wave is just gathering force. The time to catch it -- is now.

 

Posted by R.R. Hauxley

R.R. Hauxley traveled around the world ... 1 year on 1 Bitcoin. 20 countries, 12 months, 1 Bitcoin. He wrote a book about it: Stolen Wallets and Where to Buy Them. Along the way he met and interviewed the sharpest, brightest minds in crypto today: Vitalik Buterin, Charlie Lee, and more. Today Rafael educates the crypto curious and delves further into the incredible world of blockchain.

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