The world’s largest internet messaging companies, Facebook and Telegram are planning to venture into the cryptocurrency space. They are optimistic that their solutions will resolve Bitcoin downsides and enable them succeed in murky waters that other cryptocurrency startups have failed.
Telegram and Facebook to Venture into Cryptocurrency
The two companies, Facebook and Telegram are rumoured to be working on a new platform that will give millions of their users an alternative to the conventional digital coins. Signal, another global company is also working closely with them to launch a new set of cryptocurrencies in the next one year.
One of the highlights of this solution is that it will enable users to send money to their contacts through the existing messaging platform. However, the platform will be improved to facilitate secure and international transactions. The platform will work like PayPal and Venmo but will be more progressive and user friendly.
This secretive project is already running at Facebook and the company is in the process of creation a coin that will enable WhatsApp users, to send to family, friends, and contacts instantly. The plan was revealed by a group of people working on the project on the condition of anonymity.
Signs that the project is almost in the final stages were cemented by the fact that Facebook officials have already approached several cryptocurrency exchange platform to host and allow consumers to trade Facebook coin. Negotiations are underway and more will be revealed in the coming days and months.
Telegram, that is estimated to have more 300 million users globally, is also creating a digital coin for its users. Signal, an encrypted messaging platform, is also working on a similar project that will make it ideal for privacy advocates and technologists from all parts of the world.
Other messaging applications that are rumoured to be planning to venture into cryptocurrency include Line and Kakao.
One of the benefits that messaging companies have over other cryptocurrency companies is their expansive reach. Telegram and Facebook, for instance, can launch and provide digital wallets to their audience in seconds. Millions of users who are interested in cryptocurrency can have access to the cryptocurrency wallets immediately they are made available and posted on the platform.
Other conventional cryptocurrency companies would have to spend thousands of dollars on marketing to achieve the same results. The companies were wise to wait and see the performance of other cryptocurrency companies before venturing. The new coins will definitely be superior to other cryptos such as Bitcoin and this will give them an upper hand.
Entry of Telegram and Facebook into the cryptocurrency world will make the industry even better. The existing companies will have no option but to work with the companies to match their capabilities, otherwise, they will have a problem connecting with customers. Read more crypto news here.