Amidst a series of high-profile scandals last year, Facebook has had lost a significant amount of its share price, as per Sandler, the same could be recovered by the aid of cryptocurrency and blockchain technology. According to a CNBC report on March 11 that features Sandler’s prediction, the crypto-based revenue option is something “sorely needed at this stage of the company’s narrative,”
The analyst further cited Facebook’s original payment project which happened to be quite similar to what cryptocurrencies are today. Dubbed as “Facebook credits”, the said project was developed by California-based firm The Menlo Park in 2010. It was a virtual currency that could be pre-bought by domestic currencies and could be later used for in-app-purchases.
Following a Bloomberg that Facebook is developing a cryptocurrency for Whatsapp transfers, that will purportedly target Indian markets, the New York Times (NYT) published another that alleges that Facebook “hoping to succeed where Bitcoin failed” with its highly secretive crypto project. As per NYT, the stablecoin is being developed by around 50 employees and would incorporate the platforms’ three fully-owned apps — WhatsApp, Facebook Messenger, and Instagram.