Two weeks ago, we wrote about Facebook and WhatsApp potentially becoming major players in the remittance market. Today, we saw that it can happen sooner than you may think. According to Express, a crypto wallet is set to release that will allow the transaction of Bitcoin on WhatsApp, SMS and/or Telegram. Wuabit and Manuel Polo are responsible for the wallet and it is the first to integrate Bitcoin support on an established messaging app. The AI-powered 'software agent' aims to allow WhatsApp users to send and receive Bitcoin payments using chat commands.
Wuabit set to drive mainstream crypto adoption
The public beta test is set to launch next month. According to their Medium articles, Wuabit targets WhatsApp as the first instant messaging platform because of its popularity worldwide. Soon, they will work on integrating Facebook messenger, Telegram, WeChat, and Viber. Wuabit also plans on extending the service to other popular Crypto projects such as Litecoin, Bitcoin Cash, and Ethereum.
Whatsapp has 1.5 billion users in 109 countries. The most popular countries include India, Brazil, Mexico, Russia, and many other countries. They can become a major force in driving crypto adoption due to the sheer number of users and reputation in developing countries.
Here is something to bear in mind: according to Statista, the number of blockchain wallet users at the end of December 2018 is close to 32 million. At best, this number could skyrocket if the project achieves success.
One Major Hurdle For Wuabit and WhatsApp
As discussed in our article, there needs to be a solution to convert crypto to fiat easily. Sending Bitcoin or cryptocurrencies is nothing new because there are many companies providing that service. Nothing is priced against cryptocurrencies (yet) in the real world. As a result, the world is building infrastructures for spending our Bitcoin or beloved cryptocurrencies. Until there is a convenient way to spend, the onus is on WhatsApp to come up with a simple solution to spend cryptocurrencies. Therefore, we think this is a major hurdle that needs to be solved before mass crypto adoption happens.
The future is bright
In our article, we shared examples of mainstream companies attempting to integrate crypto and/or blockchain into society. This is positive news and it shows that nothing can stop blockchain or cryptocurrencies finding their way into our lives. Therefore, there is so much to look forward to in the coming years and with projects like Wuabit, crypto adoption will happen sooner or later.
For more information, check out Wuabit's Medium: https://medium.com/wuabit
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About The Author:
Iliya Zaki is the Head of Marketing & Business Development for Moonwhale Ventures. Based in Singapore, Iliya manages the marketing and public relations aspects for Moonwhale as well as clients under advisement. He is also a regular writer for Hackernoon and several other publications such as Investing.com, Daily Hodl, Securities.io, and many more.