The tables have certainly turned when it comes to Facebook’s relationship with cryptocurrency. Where once the website banned them and perhaps even inhibited some cryptocurrencies from seeing the support they might have, WhatsApp, an app already associated with encryption and owned by Facebook, is looking to create a stablecoin for the platform. This is huge and a massive vote of confidence for the future of cryptocurrency.
But, don’t go for your phone and the app store just yet. The coin is not set to release soon and is especially focused on a lucrative market in India. But, even still, the fact it exists and is supported by an app used by a huge number of people, means that once it does go live it will have the support structure to see quick and wide use. It will also have a good chance of bringing the idea of cryptocurrency to even more of the uninitiated and make it a more approachable medium of exchange.
Even if we don’t see this new development in the next few years, it’s still an exciting indication of things to come, as, if Facebook and WhatsApp are on board, then who’s to say what other social media platforms we might see jump on the same ship.
By Brandon Scott