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According to a new Bloomberg report, Facebook is quietly building a cryptocurrency to boost money transfers on WhatsApp.
At the beginning of 2018, between the widespread bitcoin and cryptography, the Silicon Valley technology giant announced that it would launch a blockchain group. The team, led by the former head of PayPal and Facebook Messenger David Marcus, has since continued to talk about its objectives, despite widespread speculation about what could happen.
According to Bloomberg, the company is trying to build a "stablecoin", a specific type of cryptocurrency with a dollar value, which will be used to facilitate money transfers on the messaging app. At least initially, apparently will direct remittances to India.
Earlier this month, Cheddar reported that Facebook employees discussed with the industry insider of the bloc "the idea of creating a decentralized digital currency for the 2 billion users of the social network" and who is taking on a number of roles, from project managers and academics. However, according to reports, Facebook is struggling to recruit talent, with cryptic experts wary of the company due to its centralized nature and years of scandal.
Reached the comment, Facebook spokesperson Travis Reed provided Business Insider with the following statement: "Like many other companies, Facebook is exploring ways to harness the power of blockchain technology. This new small team is exploring many different applications. "
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