According to Bloomberg, Facebook Inc. is developing its own cryptocurrency known as ‘Stablecoin’. The blockchain-based
funds transfer service will allow users to transfer money on their WhatsApp platform. The company is, however, currently working on incorporating a plan for custody assets, or regular currencies that would be held to protect the value of ‘Stablecoin’.
Facebook plans to use the digital currency to minimize volatility. And according to a Facebook spokesperson, “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.”
The online social media and social networking service company promise that the Whatsapp transfers will be instantaneous, irreversible, and verifiable. Interesting, companies like Walmart and Amazon are already testing the technology.
Bloomberg reports that the service would initially be offered in the Indian market.