Facebook is developing a cryptocurrency for WhatsApp

Despite the numerous scandals related to privacy, Facebook plans to launch its own cryptocurrency in WhatsApp messenger.

In the report of the publishing house Bloomberg says that the new feature in WhatsApp will be primarily focused “on the remittance market in India.” Only in this country WhatsApp is used by over 200 million people. According to the statement from Bloomberg, the cryptocurrency will be called “StableCoin” (Stable coin).

“The company is developing a “stable value” ā€“ type of digital currency tied to the US dollar. This is done in order to minimize the volatility (amplitude of price fluctuations over a certain period of time), said the people, who asked not to call them names when discussing internal plans of Facebook”.

According to Bloomberg, StableCoin will not be soon. Currently, Facebook is in the process of developing an overall strategy associated with the Deposit assets, and other items that accompany the launch of cryptocurrency.

WhatsApp has become an incredibly popular platform encrypted messages. The messenger managed to avoid problems with user privacy, which Facebook has been involved in several scandals and lawsuits. This is partly due to the fact that most users are not even aware about who owns WhatsApp.

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Clifton Nichols

Clifton Nichols

Hi! Iā€™m Clifton and I am a full-stack engineer with a passion for building performant and scalable applications that are beautiful and easy to use.

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