British multinational investment bank Barclays sees some serious upside for social media giant Facebook’s cryptocurrency. The bank forecasts a whopping $19 billion in additional revenue from this initiative, alone.
Barclays Bullish on ‘FaceCoin’
Ross Sandler, an internet analyst at Barclays, said in a note to clients on Monday that Facebook’s reported cryptocurrency could generate as much as $19 billion in additional revenue by 2021.
As Bitcoinist reported in late 2018, the social media mogul is reportedly working on a stablecoin to allow WhatsApp users to transfer money. The company’s initial focus is supposedly the remittance market in India.
Sandler also pointed out that Facebook’s intentions to get into payments is almost a decade old. However, back then, the major problem seemed to be that the company had to bear the interchange cost, “which negatively impacts the profitability of the business, especially when making high volumes of lower-value transactions.”
Presently, however, both Facebook and the…