Facebook is working on making a cryptocurrency for Whatsapp

Must Read

Facebook to make London hub for WhatsApp Payments

Before it launches WhatsApp Pay in India, Facebook has selected London as base for the global roll-out of its...

Indian hospitality segment likely to be severely affected due to COVID19

New Delhi, March 4 (IANS) The hotels and hospitality segment in India is likely to be severely affected due...

Colourful foods can provide benefits for the immune system, gut health

It turns out that what you eat can help your immune system fight off any potential illnesses. According to...
Knowledge Stall Deskhttps://knowledgestall.com
At Knowledge Stall, we are going to quench the thirst of knowledge. We are going to try our level best in providing you the latest trending news about lifestyle, technology and other informative sectors

Facebook is working on making a cryptocurrency
Image: Time Magazine

Facebook is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter.

- Advertisement -

The company is developing a stablecoin — a type of digital currency pegged to the U.S. dollar — to minimize volatility, said the people, who asked not to be identified discussing internal plans. Facebook is 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 stablecoin, 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 blockchain initiatives, which haven’t been discussed publicly in detail. Facebook has been on a hiring spree, and now has about 40 people in its blockchain group, according to employee titles on LinkedIn.

“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.”

WhatsApp, the company’s encrypted mobile-messaging app, is popular in India, with more than 200 million users. The country also leads the world in remittances — people sent $69 billion home to India in 2017, the World Bank said this year.

 

This is a Bloomberg article published on their official site

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

We succeeded in saving country from stage 3: Health Minister

New Delhi, April 25 (IANS) Union Health Minister Harsh Vardhan on Friday said we have saved India from going...

Dietary supplements important weapon for fighting off COVID-19

New York, April 25 (IANS) Supplements containing vitamins C and D and other micronutrients are a safe, effective and low-cost means of helping your...

Instagram launches in-app food delivery to support businesses

San Francisco, April 25 (IANS) Facebook-owned photo and video-sharing app Instagram has launched a new feature that allows food orders to be placed through...

India has so far gifted $5 million medical supplies to world to combat Covid-19

New Delhi, April 24 (IANS) India has gifted USD 5 million worth of medicines and other Covid-19 related supplies to the world so far...

India needs to incentivise charger manufacturing: Top industry body

New Delhi, April 24 (IANS) Smartphone chargers and Printed Circuit Board Assembly (PCBA) are two mobile components that could help India achieve its manufacturing...

No exponential rise in Covid-19 cases in country: Health Ministry

New Delhi, April 23 (IANS) The Centre said on Thursday that the rise in coronavirus cases in the country has been more or less...

Google will now verify all of its advertisers on its platforms

San Francisco, April 23 (IANS) To provide greater transparency and equip users with more information about who is advertising to them, Google on Thursday...

HP to provide free resources to students, educators in India

New Delhi, April 23 (IANS) PC and printer major HP Inc. on Wednesday announced its partnership with educational content provider Gamooz in India to...

Can Facebook become Amazon of the world with Reliance Jio?

New Delhi, April 23 (IANS) Mark Zuckerberg-run Facebook has interestingly chosen India to begin its global ecommerce journey with investing $5.7 billion (approx. Rs...

More Articles Like This