Facebook Cryptocurrency in the works, to be used on WhatsApp

Facebook Cryptocurrency could be coming in the future, according to unnamed sources cited by a Bloomberg report. Said sources claim that the Facebook Cryptocurrency will be used to transfer funds via WhatsApp, a Facebook-owned instant messaging application. India will reportedly be the first one to get the feature, and the report claims the Facebook Cryptocurrency will be relative to the U.S. dollar in order to minimize its volatility.

Before you get too excited, it’s not going to happen overnight. The report mentions that Facebook is still in the strategy phase. “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share“, a spokesperson for the company told Bloomberg.

There seem to be more than 200 million WhatsApp users in India, says the report, which also cites a World Bank information according to which India is the world leader in remittances. Apparently people sent $69 billion home to India last year. Obviously this is a huge market not just for Facebook, but for anyone who is interested in blockchain and remittances.

Image source: Steemit

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Anton D. Nagy
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