Facebook is developing a WhatsApp cryptocurrency pegged to the US dollar

Facebook is working on creating a cryptocurrency that will allow users to make money transfers to WhatsApp. It is reported by Bloomberg, citing sources familiar with the plans of the company.

According to the agency, Facebook is developing a stablebink tied to the US dollar to minimize volatility. At the moment, the company is far from launching a cryptocurrency and is still working on a strategy, including a plan for keeping assets that will serve as a security for steylcoin .

Facebook’s entry into the financial services market has been expected since the company hired former PayPal president David Marcus, who led Messenger. Marcus also runs a blockchain group, the development of which has recently been actively involved in Facebook. It currently has about 40 people, according to the job titles listed by employees on LinkedIn.

“Like many other companies, Facebook is exploring possible ways to use blockchain technology . New small team exploring many different options. We have nothing more to share at the moment, ”a company spokesman said in a Bloomberg comment.

New functionality will be tested in India, where WhatsApp has over 200 million users. This country is also the world leader in terms of remittances. According to the World Bank, in 2017, the people of India transferred $ 69 billion.

If this project is launched, then Facebook will become the first major technology company to issue steaklcoin.

Recall that the first messages that Facebook is considering launching its own cryptocurrency, appeared in May.

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