Facebook develops cryptocurrency for WhatsApp

The digital currency that Facebook is developing for its messenger will be pegged to the US dollar - this will ensure its stability. Facebook is working on the creation of a cryptocurrency, which will allow users to transfer money in WhatsApp messenger. First of all, the company focuses on India, Bloomberg writes, citing sources. "Like many other companies, Facebook is exploring ways to use the possibilities of the blockchain technology," a company spokesman said in a statement.

So, the corporation develops stable coin, a digital currency pegged to the US dollar to minimize volatility. It has long been expected that Facebook will deal with the sphere of financial services. In 2014, Facebook hired PayPal ex-president David Marcus to work on the Messenger application. In May of this year, he started a blockchain project on Facebook but did not publicly disclose the details.

WhatsApp is very popular in India, where there are more than 200 million users. This country also leads the world in the number of remittances. According to the World Bank, in 2017, people sent $ 69 billion to go home to India. Recall that in January 2018, WhatsApp released a version of the instant messenger for business. Using this application, users can create business profiles with a description of activities and contacts.

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