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Trend of Stable-Coins – Spotlight on Mounting Speculations of Facebook’s Crypto

We have already reported that the renowned global social media company Facebook has been working to test their luck in blockchain or crypto-universe. As per their objective, they establish a blockchain technology team which has been found in Facebook’s official careers page so that they could incept a stable coin through which their clients can transfer money via WhatsApp.

Now, there have been a series of news flowing in about its listing, business prospects, forecasting of revenue and pricing etc.

The crypto-coin is reportedly intended to roll out during H1’2019 as many blockchain tech-savvies and developers seem to have been striving hard on the objective at a private office with confined access.

In addition to that, they have also been in discussions with the quite a few predominant crypto-exchanges about listing its coin, that is likely to be pegged to a basket of several currencies, in conjunction with the US dollar.

The stable coin would be made compatible with WhatsApp predominantly for the purpose of payments and transfers. While the price of a stable coin is to be pegged by the US dollar, euro, and other major national currencies stored in Facebook bank accounts. 

Potentially, the coin integration will likely have the scope of over 2.5 billion people across the globe via WhatsApp Messenger and Instagram, whose usage has been observed quite often.

WhatsApp cryptocurrency can debut in India’s remittances market, where about 200 million people use the application, as per a Bloomberg’s report. 

Although, the speculated news is neither denied nor clarified about the specifics of the launch date and intricacies, the confidentiality of Facebook’s Blockchain project is no longer confidential. The hiring of former PayPal President, David Marcus, is quite evident who is also designated as the chief of the project at Facebook.

As a result, financial veterans are perceiving the news as a constructive development that could cushion the company’s share price that slinked on a flurry of high-profile scandals during the past couple of months. 

Ross Sandler, Barclays internet analyst seem to be betting on prospects of Facebook’s crypto-project. As per his predictions with CNBC, the cryptocurrency could potentially bring in the new revenue stream, that can exponentially grow and generate revenue of about $19 billion by 2021.

Currency Strength Index: FxWirePro's hourly BTC is flashing at -70 (bearish), hourly USD spot index was at -84 (bearish), while articulating at (07:38 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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