In 2018, and early this year, Bitcoin (available on Coinbase) experienced a bearish market that riled the interest of several parties and social media companies such as Facebook. As a result, Facebook has since entered the blockchain space with its own cryptocurrency known as FBCoin.
FBCoin and WhatsApp Users
“FBCoin” is an unofficial name for the crypto asset that the social media giant has designed for its users. Facebook intends to unveil the technology to billions of its users, along with the real name.
Besides Facebook, several technology companies have acknowledged the potential and power of crypto technology to revolutionize economic and financial systems. Cryptocurrencies are decentralized in nature, and as a result, Bitcoin (available on Coinbase) has become vital to fintech in recent years. Facebook’s token is looking to compete with the best, including Bitcoin (available on Coinbase).
According to reports, FBCoin has been slated to appeal first to WhatsApp users in India for purposes of satisfying the domestic need for digital payments that has grown to prominence in places like China. The FBCoin will be developed on the stablecoin-esque model, backed to the cryptocurrency industry through external assets. It is not yet known whETHer the FBCoin will operate on a blockchain but on a number of occasions Facebook CEO Mark Zuckerberg has alluded to distributed ledger technologies.