This new development is a game changer, Facebook has been secretely building it’s Cryptocurrency Coin for WhatsApp. Telegram and Signal are also planing on rolling out their CryptoCurrency as well.
This project will allow users to send money to contacts on their messaging systems, like a Venmo or PayPal that can move across international borders.
According to New York Times, details about Facebook’s efforts to produce its own digital coin was released on thursday. Facebook’s first foray into blockchain will reportedly take the form of a “stablecoin,” where the value of its digital currency is backed by the physical kind—in this case, a basket of global currencies.
The most anticipated and secretive project is Facebook working on the CryptoCurrency coin so that users of WhatsApp, which is owned by Facebook, could send to friends and family instantly. They spoke on the condition of anonymity because of the confidentiality agreements.
In addition Telegram is also working in launching a digital coin. Signal an encrypted messaging service also has its own coins at work. Likewise Kako and Line, South Korea biggest messaging applications.
Truth is Facebook and Telegram can make the digital wallets used for cryptocurrencies available, in an instant, to millions of users. Infact Telegram has already started sending letters to investors saying the coin is 90% done and ready with the key components of the network that would house the Gram, the name for its digital token.