The stablecoin does not yet have a release date. One of its objectives is to facilitate the remittances and transactions sending among users

Kik Messenger may not be the only messaging application in which people can make payments with cryptocurrencies. Facebook is working on the creation of this popular digital money system so that users can make transactions, according to reports from nearby sources.

The goal of the prestigious and recognized social network, which was created by Mark Zuckerbergin 2004, is to provide users with the possibility of transferring their moneythrough this application. The first objective is to favor the remittancemarkets in India; although the function could later expand to other countries.

The company looks for the type of currency, such as how to reduce the instability of its value. For this reason, stablecoins exists. They are pegged to the value of the dollar in order to be safer and more useful for users.

Complying with these characteristics, it is possible to avoid volatility problems. In this way, and more in the future, the receiver can change their cryptocurrencies into fiduciary currencies whenever they wish.

According to the nearby sources, Facebook is working on the development of the concept and in the strategy, which will guarantee the correct functioning of this cryptocurrency.

Up to this point, the exact date of the launch is unknown and the company has not publicly presented any strategy for the use of decentralized technology. Before reaching this point, the company will be defined as the way of handling the custody of this cryptocurrency, for the peace of mind of the users.

The company began its foray into the world of strategic messages, through David Marcus, PayPal’s former President and, currently, the vice president of Messaging Products at Facebook, where the Facebook Messenger unit is. He also is related to Blockchain technology projects.

He experiences the possibilities of using the blockchain technology in alliance with the well-known social network and is the one who promoted the payment with Litecoins through the Facebook Messenger messaging application, where users can currently make peer-to-peer payments with this altcoin without leaving of the message platform.

In addition to Marcus, Facebook has hired more than 40 experts in blockchain technology. A spokesperson for the company said: “Like many other companies, Facebook is exploring ways to harness the power of blockchain technology. This new and small team is testing many different applications”.

In fact, in July of this year, Facebook announced the incorporation of Evan Chang as the Blockchain Technology Director for the company that is a department he has managed sinceMay 2018.

2018 has been a year for cryptocurrencies’ world constant expansion. Some governments, companies from different fields and even banks raised the possibility of launching their own cryptocurrency. However, Facebook would be the first great technology company to do it so.

This type of initiatives, in which a large number of users can participate, are those that would help open the doors to digital assets for their massive adoption and their application in everyday life. The community that follows the progress of cryptoactives expects more news about it and wants 2019 to be a year for the cryptocurrencies’ world growth.

By María Rodríguez


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