- Facebook is trying to build a cryptocurrency that would
power money transfers on WhatsApp, according to
Bloomberg. - The Silicon Valley tech giant is reportedly trying to
build a “stablecoin” pegged to the value of the
dollar.
Facebook is quietly building a cryptocurrency
to power money transfers on WhatsApp,
Earlier in 2018, amid widespread bitcoin and crypto hype, the
Silicon Valley tech giant announced it was launching a blockchain
group. The team, helmed by former PayPal and Facebook Messenger
boss David Marcus, has since stayed mum about its goals, despite
widespread speculation on what it might be up to.
According to Bloomberg, the company is trying
to build a “stablecoin,” a specific type of cryptocurrency with a
value is tied to the dollar, which will be used to facilitate money
transfers on the messaging app. At least initially, it will
apparently target remittances in India.
Earlier this month, business news outlet Cheddar reported
that the Facebook employees had discussed with blockchain industry
insiders “the idea of creating a decentralized digital
currency for the social network’s 2 billion users,” and that it is
hiring for a range of roles, from project managers and academics.
However, Facebook is reportedly struggling to hire talent, with
crypto experts wary of the company because of its centralized
nature and years of scandals.
Reached for comment, Facebook spokesperson Travis Reed provided
Business Insider with the following statement: “Like many other
companies Facebook is exploring ways to leverage the power of
blockchain technology. This new small team is exploring many
different applications. We dont have anything further to
share.”