Facebook is working on making a cryptocurrency that will let users transfer money on its Whats App messaging app, focusing first on the remittances market in India, according to people familiar with the matter.
The company is developing a stable coin – a type of digital currency pegged to the US dollar – to minimize volatility, said the people, who asked not to be identified discussing internal plans. Facebook far from releasing the coin, because it’s still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stable coin, the people said.
Facebook has long been expected to make a move in financial services, after hiring former PayPal president David Marcus to run its Messenger app in 2014. In May, Marcus became the head of the company’s block chain initiatives, which haven’t been discussed publicly in detail. Facebook has been on a hiring spree, and now has about 40 people in its block chain group, according to employee titles on LinkedIn Read more.