Facebook May Issue a Stablecoin to Send Money on WhatsApp — Bloomberg

Facebook May Issue a Stablecoin to Send Money on WhatsApp — Bloomberg

Has the world just stopped discussing Facebook hiring five blockchain specialists as another news has arrived. Relying on anonymous sources, Bloomberg has reported that Facebook is elaborating a cryptocurrency project that will be tied to WhatsApp. Here are more details about it.

Facebook Might Issue a Stablecoin 

According to the Bloomberg report, Facebook Inc. is working towards creating a cyber-coin that will allow users to send fund on WhatsApp. As it is known, the latter is Facebook’s encrypted mobile-mobile-messaging app. People aware of the issue told the news agency that from the outset the social media giant will focus on remittances in India. 

Facebook’s cryptocurrency — stablecoin — reportedly will be tied to the American dollar and is expected to diminish volatility. However, there are no vivid intentions to emit the coin yet, as the company is currently elaborating the strategy for it. It includes «a plan for custody assets» or common currencies which would «protect the value» of Facebook’s crypto.

One Intrigue at a Time

More than half a year ago the social media company launched a DLT group which was to work on «leveraging blockchain across Facebook.» To lead the crew, the company hired former PayPal and Messenger’s head, David Marcus. Yet, Facebook’s unaltered ledger plans have never been discussed in public. As Bloomberg points out, worker titles on Linkedin unveil that there are around 40 people in the DLT group.

Moreover, Facebook has become active in hiring. Some weeks ago it opened five DLT-related vacancies. Among them, there were software engineers, data scientist and data engineer, and a product marketing lead.