According to a Bloomberg report, social media giant Facebook is developing a cryptocurrency to be used with the WhatsApp messaging software. Sources told the publication that Facebook will initially be targeting the remittances market in India.
WhatsApp has more than 200 million users in India alone, which would most likely make Facebook’s cryptocurrency the most widely used implementation of blockchain technology in the world.
India is also the world’s largest receiver of remittances, with around $70 billion entering the country in this manner each year.
The cryptocurrency Facebook is reportedly developing will be a stablecoin backed by fiat currency. Bloomberg’s sources say that there’s still a long way to go before the product is actually released, since Facebook is still working on key aspects of the project.
When Bloomberg inquired about Facebook’s stablecoin project, the company was reluctant to share any details:
“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.”
Recently, we wrote about Facebook hiring to expand its blockchain team, which is currently comprised of more than 30 employees. The team is headed by former PayPal president David Marcus, who previously led Facebook’s Messenger division. Rumors about Facebook developing their own cryptocurrency for electronic payments started circulating in May this year after a report by Cheddar.