Facebook’s virtual currency is likely to serve the transfer feature on WhatsApp.
Facebook is quietly developing a cryptocurrency to deploy money transfers on WhatsApp, according to a recent report from Bloomberg.
In early 2018, in the context of family members talking about bitcoin and cryptocurrency, the social networking giant suddenly announced it would set up a blockchain technology group. Led by a former leader of PayPal and Facebook Messenger, the group’s goal was not revealed at the time.
The head of the blockchain array of Facebook, David Marcus.
According to Bloomberg, Facebook is developing a “stablecoin” currency, a cryptocurrency with dollar value that can be used for money transfers on messaging applications. Initially, Facebook’s currency could be developed to serve users in India.
Earlier this month, the Cheddar business information site said Facebook was discussing with the blockchain industry figures about “the idea of creating a decentralized coin currency for this network of 2 billion users. “Faceobok also recruited many related positions. However, Facebook is said to be struggling to recruit people because of the culturally focused pre-coding experts and one of Facebook’s last scandal years.