Viber was first released on iPhone in the year 2010. It is an instant messaging app developed in Israel. In 2014, Rakuten, which is a Japanese based company, bought Viber for $900 million. Viber is used by people all around the world, but it is most prevalent in eastern Europe countries.
Djamel Agaoua (Viber CEO) announced their plans to introduce Rakuten Coin (Crypto coin) to the world. According to the latest reports, Viber consists of around 1.1 billion users registered worldwide. The announcement about releasing the Rakuten coin was earlier made in 2018. That time there were various legal issues which need to be cleared off while dealing with cryptocurrencies, Djamel added.
Users will have the option to convert Rakuten coin into several currencies like euros, dollars, and many more. Viber application will have a new section as a wallet for Rakuten Coin. Djamel (CEO of Viber) announced in 2018 itself about their plan to launch Rakuten coin in Russia too. An update of the Viber app will become available to all Android and IOS users, which will consist of crypto platform integration.
But to allow this feature in the app, Viber company must get a license from the local regulator of Russia. This is an issue with every country, and different regulations exist. The Rakuten Coin is already released in Japan, and the company is working on releasing it worldwide. Cryptocurrencies are still banned in some countries. While crypto is not banned in some states, there will be regulations to follow.
Different countries have different regulations towards cryptocurrencies, and that is one of the significant issues faced by Viber team to bring in crypto platform alongside with app.
Viber is not the first app to be in cryptocurrencies. Other popular apps like Telegram, Line, Kik, and Facebook are also working to introduce their cryptocurrencies to people. Facebook’s Libra is the highly anticipated one among the public all around the world.
Whatsapp is also gearing up to compete with other messaging apps in terms of the crypto industry. According to the latest reports, crypto integration will be done on the app itself, and users can send and receive various cryptocurrencies like Litecoin, Bitcoin, and many more. Users can do these transactions via the interface of Lite.im messaging bot which will be present in WhatsApp itself.
Just like Viber has plans to release by partnering with parent company Rakuten for a global audience, Whatsapp is also keen on coming up with a crypto platform. As the Whatsapp has more than 1.5 billion active users, the crypto industry will get introduced to many people in the world. People who are gone abroad usually send money to their family members. A certain amount of fee is deducted by the mediatory companies for sending money.
Whatsapp seems to target this market, and India is their first approach as many people travel abroad every year. With the peer to peer system through crypto payments in WhatsApp, people can send money for fewer fees from abroad.