Facebook is working to create a cryptocurrency that allows users to make money transfers in WhatsApp. It is reported Bloomberg citing sources familiar with the company’s plans.
According to the Agency, Facebook is developing stablon tied to the U.S. dollar, to minimize volatility. At the moment, the company is far from running cryptocurrency and still working on a strategy, including a plan for the storage of assets that will serve as collateral for stablon.
Exit Facebook on the financial services market was expected since, as the company hired former PayPal President David Marcus (David Marcus), who led the Messenger. Marcus also manages the blockchain, which recently was actively engaged in Facebook. She currently has about 40 people, according to the titles specified employees on LinkedIn.
“Like many other companies, Facebook was exploring ways of applying blockchain technology. New small team has been exploring many different options. We have nothing more to share at the moment,” said a company spokesman, in comments to Bloomberg.
New functionality will be tested in India, where WhatsApp has over 200 million users. The country also is a world leader in terms of remittances. According to the world Bank, in 2017 the people of India was translated to $69 billion.
If this project will be launched, Facebook will be the first major technology company to release stablon.
Recall the first reports that Facebook is considering launching its own cryptocurrency appeared in may.
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