Facebook is working on a cryptocurrency that will let users of WhatsApp — the messaging service that the social network giant acquired in 2014 — send and receive money, Bloomberg reported Friday, citing people familiar with the matter.
The initial focus of this effort would be the remittances market in India, the report says, and the cryptocurrency would be a stablecoin — a special type of cryptocoin which has its value pegged to some real world asset, such as the U.S. dollar.
According to the report, this stablecoin might not launch for quite some time, as Facebook hasn’t yet decided on key aspects, including the currency or currencies the stablecoin would be pegged to.
Stablecoins have been a popular crypto-niche in 2018, as they solve one key issue that prevents Bitcoin and other major cryptocurrencies being usable for payments and microtransactions: volatility. S
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