Facebook (NASDAQ:FB) is looking to create a cryptocurrency that will allow users to transfer money using the WhatsApp app. Bloomberg reports this, citing sources familiar with the matter.
The agency’s interlocutors clarified that for now the company is only working on the project plan, so the release of the cryptocurrency will not happen soon. For now, it is known that the digital currency will be pegged to the dollar (stablecoin) to minimize volatility, and the service itself is aimed primarily at the money transfer market in India.
In this country, the WhatsApp messenger is used by more than 200 million people. In addition, India is the leader in terms of remittances. In 2017, users from all over the world transferred $69 billion to this state, Bloomberg writes, citing data from the World Bank.
“Facebook has long been expected to make a move into financial services after hiring ex-PayPal chairman David Marcus to launch the Messenger app in 2014,” the agency said.
In May 2018, Facebook organized a working group to study blockchain technologies. Marcus became the head of the structure. According to the social network LinkedIn, it currently has about 40 employees.