Facebook has been building a blockchain team for several months but has yet to announce anything. This morning
Bloomberg reported that Facebook is developing a US Dollar stable coin cryptocurrency to enable WhatsApp users to make remittances to India. Facebook’s revenue per user is far higher in North America than elsewhere. Hence, if the company could increase revenues for users outside the U.S., it could have a dramatic impact on its top line.
Six months ago Ledger Insights speculated that there was a good chance that Facebook was working on something
payments related. That was based on the team led by former Paypal president David Marcus with other Paypal hires. In particular, Tomer Barel joined as Head of Risk & Operations for blockchain. As SVP at Paypal he was Global Chief of Risk and Data.
India’s appeal
The Indian angle makes sense for multiple reasons. Firstly India is the country with the largest number of Facebook users at 270 million (source:
Hootsuite). It overtook the U.S. last year which currently has a 210 million audience. The other top five countries are Brazil, Indonesia and Mexico.
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Image Copyright: Data: Facebook Graphs: Ledger Insights
