Facebook is reportedly building a cryptocurrency to make it easy for users to transfer money on WhatsApp, according to Bloomberg. The currency will focused on India and allowing Indian people who are working abroad to send money back home, which is something that outer cryptocurrency startups are also been working so that they can solve the expensive process for international transfers.
Facebook has been trying to develop its own cryptocurrency from back in May, when Cheddar first reported about the news. Around that time, Facebook Messenger leader David Marcus was reassigned to lead a new blockchain division, focused on exploring how to best leverage Blockchain across Facebook, starting from scratch.
Bloomberg’s report offers the first concrete details on the goals that Facebook is trying to achieve and how it might work. Facebook is reportedly looking to develop what’s known as a stablecoin, which will have a value based on US currency to minimize the volatility seen by more high-tech alternatives like Bitcoin.
Now Facebook hasn’t said anything about its crypotocurrency or when it will be launched so we guess that it is not going to early but we are sure that Facebook is doing its best to launch its cryptocurrency as soon as possible.