Facebook Stepping into Crypto Arena with Plans to Issue a stable coin

The social media giant is on a quest to become a major player in the digital payments arena

Facebook has been in hot waters throughout the year… mostly due to its own doing. The data breach scandal which affected 87 million users, cost the social media giant dearly with the loss in consumers’ faith in the platform to protect their personal data. Its stock has lost more than 40% of its market value from the peak reached earlier in August with the move exacerbated by the downturn in markets of late.

CEO Mark Zuckerburg had already shown his intention of exploring DLT in his New year goals of 2017 saying “see how best to use them in our services.” The earlier ban of FB & other big techs on the advertising of shady ICOs has been tweaked to allow the advertisement of pre-approved Crypto projects, which are based on an application for an eligibility assessment. More importantly has been the recent news of FB’s plan to issue a stable coin for its flagship WhatsApp payment project in India, provided by the popular messaging platform.