As earlier reported, Facebook has been working on a cryptocurrency and has reached a high level of progress with the creation of a stablecoin precisely that will be based on Whatsapp messaging app. This became evident as Facebook has already consulted with several cryptocurrency exchanges on the possibility of listing the cryptocurrency following its launch.
The proposed cryptocurrency is to be pegged to the dollar so that it will be a reliable means of making cross-border payments without worrying about the change in value when sending money to friends and family through Whatsapp. The company is also planning to reach users across the three major networking platforms Whatsapp, Instagram and Facebook Messenger to reach billions of users around the globe.
Apparently not only Facebook is working on a cryptocurrency. Messaging giant Telegram is also working on a cryptocurrency project to reach its over 300 million users globally. Their participation in the blockchain revolution is hardly a surprise as the technology underlying their projects are gradually becoming obsolete.
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