Stable-Coins Series: Facebook’s Crypto-Aspirational and Promotional Projects

Ever since the global social media company ‘Facebook’ has been in the news of striving to test their luck in blockchain or crypto-universe, we could get to see mounting speculations on this news. Facebook’s blockchain team is said to develop a stablecoin pegged to the US dollar or a basket of other fiat currencies. The coin may eventually enable their clients to transfer money for remittance using WhatsApp.

The company who banned promotional activities on initial coin offerings (ICOs) and cryptocurrencies, has now officially announced an update in full-fledge for blockchain technology related and cryptocurrency advertisements on its platform, as the company removed most of the restrictions it had in place earlier.

According to the ad policy update, Facebook is now following up on a previous decision to make companies whitelist prior to posting advertisements related to blockchain technology and other crypto-related information.

Facebook’s 50-member blockchain team probably unveil the coin by next quarter. The sources said Facebook will first back-test such stablecoin in India, a country which it believes still has room to expand.

The social media giant is eyeing on VC firms to infuse funds in its cryptocurrency project for sums as large as $1 billion, according to NY Times reporter Nathaniel Popper. As per his remarks, the company is likely to design its stablecoin for WhatsApp using a bunch of fiat currencies as collateral.

All these constructive news flow from Facebook is likely to bring in a ray of hope to the blockchain/cryptocurrency industry.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 49 levels (which is mildly bullish), while hourly USD spot index was at 55 (bullish) while articulating (at 12:11GMT). 

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