Facebook has been looking to do business in financial services since (David Marcus), a former president of PayPal, was appointed head of Messenger in 2014. Marcus became head of blockchain business in May, but the project has been undisclosed.
According to LinkedIn, Facebook has been hiring heavily for the project, with about 40 people currently working in the sector.
"Like many other companies, Facebook is exploring ways to make full use of block chain technology." A Facebook spokesman said in a statement, "The new small team is exploring many different ways. No more information will be shared yet.
Chat app WhatsApp is popular in India, with 200 million users. The country is also at the forefront of the world in the field of remittances. According to the World Bank, a total of $69 billion was remitted to Indian homes in 2017.
Tracking by stable currencywebsiteAccording to Stable. report, there have been many encrypted currency items related to stable currencies in the past year, even more than 120 at one time. The purpose of this concept is to create encrypted currency that is easy to use in daily shopping and achieve a more stable currency value than Bitcoin.
But the scheme is hard to popularize in real life, with at least one famous project closed in recent weeks. A stable currency called Basis closed after eight months. Before that, the company had attracted the backing of Andreessen Horowitz, a prominent venture capital, and Kevin Walsh (Kevin Warsh), a former Fed governor.
At present, the most famous stable currency, Tether, is highly controversial. Although Tether's creators say that each of these encrypted currencies corresponds to $1, they refuse to accept audits. It also raises questions from the outside world.
Facebook currently has 2.5 billion users worldwide, with an annual revenue of more than $40 billion, and has more experience in dealing with regulatory issues, so it is more likely to do so.DevelopmentA stable currency with greater stickiness is produced. The company will also become the first large technology company to launch such a project.
But there are some rifts in Facebook's relationship with India, mainly because the false news on WhatsApp contributed to local violence. However, Facebook still believes that the country has tremendous growth opportunities. India has 480 million Internet users, second only to China. According to Forrester Research, a market research firm, that figure is expected to rise to 737 million by 2022.