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Science & Technology

Is Facebook developing its own digital currency

Saturday 22/December/2018 - 08:09 PM
Sada El Balad
Edited by Ahmed Moamar
Facebook could be developing its own cryptocurrency that users can send via WhatsApp، as the Daily Mail said.

The tech giant is in the process of creating a 'stablecoin' that will allow users to transfer money on the Facebook-owned mobile messaging service، according to Bloomberg.

A stablecoin is a type of digital currency pegged to the U.S. dollar and is often favored for the fact that it's less volatile than other currencies، such as bitcoin
Facebook is expected to launch the digital currency in India، Bloomberg said، as the country has a massive remittance market، where users residing in international countries send money back to family members in their home country.

However، it will likely be a while before the currency becomes a reality، as the firm is still developing a strategy for its launch.
'Like many other companies، Facebook is exploring ways to leverage the power of blockchain technology،' a Facebook spokesman told Bloomberg.

Speculation began building that Facebook would pursue some kind of financial services after it scooped up former PayPal president David Marcus to lead its blockchain division.
'This new small team is exploring many different applications،' the spokesperson continued. 'We don't have anything further to share.'

WhatsApp has racked up over 200 million users in India and brought in $69 billion worth of remittances in 2017، according to Bloomberg.

Little information has been made public about what Marcus and the blockchain group plan to focus on.

The team has about a dozen employees on it، including several former، top Instagram executives like James Everingham، Instagram's vice president of Engineering، as well as Kevin Weil، Instagram's vice president of Product.

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