Author: Stephen Johnson / Source: Big Think
- Facebook is reportedly developing a stablecoin for WhatsApp users in India.
- A stablecoin is a class of cryptocurrency that’s pegged to a stable asset like fiat currency or gold.
- India currently has more than 200 million WhatsApp users, and it sees more than $60 billion in global remittances every year.
Facebook is reportedly developing a cryptocurrency that would facilitate financial transactions on its WhatsApp messaging service, according to a new report from Bloomberg.
The social media platform has long eyed a move into blockchain. Facebook CEO Mark Zuckerberg wrote in his New Year goals for 2017 that he planned to study encryption and blockchain to “see how best to use them in our services.” In May, Facebook appointed David Marcus, the former president of PayPal, to head the company’s blockchain initiatives division, which currently employees about 40 people.
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” a company spokesman said in a statement. “This new small team is exploring many different applications. We don’t have anything further to share.”
The company will reportedly…
The post Why Facebook is developing a cryptocurrency for WhatsApp users appeared first on FeedBox.