Mystery is over: Facebook is developing crypto for WhatsApp

December 21, 2018
Chris Wheal

After a prolonged secret shadow over why exactly Facebook is hiring more and more blockchain specialists, an inside source shed some light on the darkness of mystery. The social media giant is developing its own cryptocurrency that would let users to transfer money via WhatsApp. According to the source in Facebook, its first remittance market will be India.

whatsapp

Reportedly, the company is developing a stablecoin to be pegged to U.S. dollar, to ensure minimum volatility. However, the tech giant is currently far away from releasing the coin, and is only at the stage of discussing the strategy along with a plan for custody of the assets.

Notably, the company is not moving fast enough in this emerging market. A lot of industry players were expecting a similar move from Facebook back in 2014 when the giant hired former PayPal president David Marcus to run its Messenger app. In May, Marcus became the head of the company’s blockchain initiatives – the arm, which Facebook prefers to keep in secret.

Considering the fact that currently Facebook has 2.5 billion users worldwide, and a bigger experience in the regulatory field, a successful stablecoin launch might have an impact on the whole crypto industry, experts say.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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