Facebook Inc. reportedly developing cryptocurrency that is designed to help users to transfer money on WhatsApp.
The report says that It has also plans to launch its cryptocurrency first in India due to the country’s growing mobile payment market.
According to Bloomberg, the company is developing a stablecoin a type of digital currency pegged to US dollar – to minimize volatility, said the people, who asked not to be identified discussing internal plans.
The people who are familiar with this matter also said, Facebook is far from releasing the coin because it is still on developing stage, including a plan for custody assets, or to protect the value of the stablecoin.
Facebook has long been expected to make move in financial services after it hires former PayPal president David Marcus to run its Messenger App in the year 2014.
This year in May, Facebook reassigned David as the head of Blockchain division. Facebook has been on a hiring spree and now has formed a group of 40 people in its blockchain division.
A Facebook spokesperson said to Bloomberg in a statement:- “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This newly formed small team is exploring many different applications. We don’t have anything further to share”.
The reason behind excluding other countries and focusing on the Indian market because WhatsApp is a very much Popular app in India with more than 200 million users.
Where it has been seen that the number of people coming online is much more than before.
India also leads the world in remittances — people sent $69 billion home to India in 2017, the World Bank said this year.
Maybe this is attracting Facebook a lot more to bring its stablecoin straight to the Indian market.