Facebook will turn into the most important crypto company, Anthony Pompliano explains
Facebook announced that it will be developing its own stable coin, making the whole community excited. Morgan Creek founder, Anthony Pompliano, also joined the crowd to share how important the news is for the community and Facebook can turn out to be the most important company of the crypto verse.
The coin Facebook will be developing will allow users to transfer money on its messaging app – WhatsApp. According to Anthony Pompliano’s blog, Facebook is not a company which plays safe and it did not this time as well.
“The highly talented team consistently looks to invent and/or grow products that change the world. If Facebook is building a stablecoin for WhatsApp, this is less about crypto and more about building a globally dominant product that changes the way billions of people live their lives,” Pompliano wrote in the blog.
Reportedly, the company aims to focus first on the remittances market in India. Pointing that the founder at Morgan Creek Digital wrote that India has a large population and quite significant amount of smartphone adoption.
Moreover, the company’s encrypted mobile-messaging app, WhatsApp, is popular in India with over 200 million users. Also reportedly, in remittances, India leads the world as people sent $69 billion home to India in 2017, the World Bank mentioned this year.
“Facebook realizes this could be a company defining opportunity and it has some of its most talented people working to make this effort successful,” he wrote. Pompliano believes Facebook will build the world’s dominant payment system. “This would be a direct competitor to Visa and Mastercard, but it is more likely to happen than you may think,” Pompliano wrote.
However, he believes that it will take some time and it needs to be done strategically step by step. He explained, “Facebook needs to (1) create a viable stablecoin, (2) launch the product in India’s large market, (3) drive sustainable adoption, (4) expand to other jurisdictions and other digital currencies, and then (5) build out additional financial services to serve their customers.”
In fact, he believes that it wouldn’t be surprising if Facebook becomes a “new-age bank” for digital natives living outside the United States.
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