The cryptocurrency market is taking a positive turn and big giants are already looking forward to gaining profits and prominence as much as they can in a growing digital asset space. The American social media and social networking giant Facebook is also trying hard to build its stable coin which would purportedly be pegged with a basket of foreign currencies.
As per the corroborated news portals, the famous technology company has collaborated internally with various industry economists, researchers, resourceful developers, and experts who are helping the establishment to achieve its objective for launching its stable coin that would be deployed to make online purchases.
With this move, billions of users can send money to each other and probably make the transactions to purchase online stuff while using the Facebook platform. It indicates that the company is not only focusing on the remittances, rather it is going to become the wholesome payment network which would certainly be going to give a big competition to the fellow top tech corporations like Google, Amazon.
Reportedly, one of the famous token economics researcher, strategic management and a technology professor from MIT, Christian Catalini, is said to be assisting Facebook for the development of its stablecoin. The professor is presently on leave from the university just to contribute to the development of the upcoming digital asset.
As per the reports, the networking company is in talks with one of the largest payment processor firms First Data; payment network firms like Visa and Mastercard to associate with the stablecoin, and along with other various e-commerce merchants to cooperate and fund the process. The amount collectively estimated over $1 billion of investment to back and encourage the stable coin.
To build a strong ecosystem Facebook is also rumored to bring the advantages for the users of the platform’s core ads engine feature. This means that users would be rewarded for viewing ads in the form of its stablecoin, which can be later utilized to purchase goods, similar to how loyalty points rewards work. Further, the stablecoin would act as a robust currency of the new payments system to circumvent and wipe out the credit card fees for merchants as well as to avoid the unpredictable and precarious nature of other top cryptocurrencies like Bitcoin (BTC) and Ethereum(ETH).
Well, this can be considered a smart move by the smart player of the technology industry. In fact, this is good to see that the industry is accepting the power of blockchain tech and the emergence of new cryptocurrencies. However, this is quite unacceptable that big giants are again trying to capture the new market and easily able to deploy the famous researchers, developers, and experts from the industry. On the other hand, upcoming entrepreneurs are still trying their luck to get in talks with these people. How can they get the opportunity to connect with these like-minded experts from various countries? In fact, most of them don’t want to connect with the upcoming, passionate, and inexperienced entrepreneurs because all of them are participating in the rat race. Everything is revolving around the money and brand. This is again going to be a big issue for entrepreneurs who have a passion to build something compelling, but they are lagging behind because these people aren’t supporting them without money.
What our readers think on this thought and the prevailing market scenario which is capturing the nations? Do comment below!