The main social networks prepare blockchain-based cryptocurrency projects to compete with banks and allow Internet users to make money transfers or payments directly from their email accounts such as WhatsApp or Messenger.
Cryptocurrencies, like Bitcoin, have gained popularity in recent years, but are still far from mass adoption by the general public. Some Web players like Facebook, Telegram or Signal want to change the game by introducing their own virtual currencies.
The goal is to allow users of social networks to send money very simply, like PayPal, but via their messaging, instantly and without being bothered by national borders. This system would not only allow simple and fast payments worldwide but would be accessible to many people in less developed regions who do not have access to a banking system.
Multiple initiatives around the world
The biggest project currently is probably Facebook, intended for users of its WhatsApp application. If the details are kept secret, the Web giant would have put at least 50 engineers on it, and would be in discussion with cryptocurrency exchange platforms for the marketing of the Facebook currency, called “Facebook Coin”. It would be directly linked to several real currencies, such as dollars, euros, and others, and the firm would guarantee a fixed value.
Similar projects would be underway at Telegram, which has 300 million users around the world, as well as Signal, an encrypted messenger. But the movement is not limited to the West, with virtual currencies planned among others at Kakao in South Korea, and Line in Japan.