Facebook is about to introduce its very own cryptocurrency; the stablecoin. And here’s everything you need to know about it.

The giant social media company is on the verge of developing cryptocurrency. Which will be backed by the US dollar. Stablecoin; Facebook’s cryptocurrency, will be backed up the US dollar in order to make it more stable than any other coins.

The news broke out by Bloomberg, which has reported that the technology giant is up to something big. And very soon the big news got out and open and made to the headlines of the technology world.

The Stablecoin Will Be Used As Crypto Currency Within The Whatsapp Messaging App:

The Facebook-owned chatting application, Whatsapp, is rumored to be the first medium where this cryptocurrency will be used.

According to Bloomberg, the stable coin is being created to be used as currency within Whatsapp messaging application. Which means that soon Whatsapp users will be able to use cryptocurrency within the application,

Which Country Will Host The Stablecoin First?

After the news broke out about the making of cryptocurrency by Facebook, different countries names came to the light. Where this currency can be introduced first. But here’s the confirmed news to put a full stop to the speculations:

Apparently, Facebook has decided to launch stablecoin in India. A place where more than 200 million Whatsapp users are living, so why should any other country be in mind?

With New Hiring and PayPal Exec, Facebook Is Determined To Launch Stablecoin ASAP:

Stablecoin is not into the market yet, but the news coming straight from the Facebook headquarters shows the intensity behind the project.

According to the sources close to the social media giant, Facebook has hired 40 new hiring in its blockchain department. This is  to expand the department rapidly.

Not only this but the Paypal President, David Marcus, hired in 2014 by Facebook to look into the messenger app, is now leading the stablecoin department as well.

This shows that Whatsapp will soon be updated with its very own cryptocurrency.