Swiss startup Zulu Republic is developing a bot that allows users to send and receive cryptocurrencies via the Facebook Messenger app. These transactions can be made without requiring users to provide sensitive information.
Bot supports four cryptocurrencies
The company based in Crypto Valley revealed that the bot currently supports four cryptocurrencies: Bitcoin, Ethereum, Litecoin and its own native currency, ZTX. The company explained that it aims to accelerate the adoption of cryptocurrencies through its innovative work.
Launched via Zulu Republic’s Lite.IM project, the bot’s compatibility with Facebook Messenger is an impressive development following its initial implementation via Telegram and text messages. While commenting on this latest development, Zulu Republic explained that securing support for text messages had served as a vital first step for the project, as it enabled mobile users to easily manage their cryptocurrencies, with or without internet access.
The launch of this product places Lite.IM well ahead of Facebook with regards to cryptocurrency payments. In December 2018, reports surfaced stating that the social media giant was looking to create a stablecoin that could be used for money transfers on its WhatsApp app.
The development team at Lite.IM stated that “with each new update, Lite.IM becomes more and more of a user-friendly cryptocurrency powerhouse, moving us closer and closer to widespread adoption. We’re proud to be bringing the world’s most popular cryptocurrency to the combined 2.5 billion users of Facebook and Telegram, not to mention all those who lack dependable internet access that can now manage Bitcoin via SMS messaging.”
Facebook has come under intense scrutiny in recent months regarding its collection of user data. Lite.IM revealed that it had taken distinct actions to address any potential privacy concerns its users might have, adding that they will never store their customers’ chat records. As an additional privacy measure, the bot utilizes secure password forms and advanced private key encryption. Thus, third parties such as Facebook will not have access to any sensitive information that could compromise a user or their funds.
New features to be introduced
The company revealed that it is still developing additional features for the bot, and confirmed that these additions should be ready for release in the near future. The new features will allow the bot to both integrate with new platforms as well as support more cryptocurrencies.
Zulu Republic shared extensively about why it chose social messaging as the next target for its bots, pointing out that the online world is increasingly heading towards those platforms. The overall popularity and growth of these alternative platforms (particularly amongst millennials) is far higher than that recorded by traditional social media companies.
According to Zulu, taking advantage of the widespread popularity and expansion of existing platforms will ultimately help promote the adoption of digital currencies. Companies can maximize their reach and build on existing momentum if they offer services that are compatible with what people are already used to.
According to research, the average consumer makes use of nine different apps per day. Thus, Lite.IM explained, it is important to connect with consumers in the environments where they spend most of their time and with which they are familiar. They added that this could help address the massive user experience problem that has long plagued the crypto world.