Facebook is Developing a Cryptocurrency for WhatsApp
OREANDA-NEWS Facebook is considering the possibility of creating its own cryptocurrency, which will allow users of WhatsApp messenger to make money transfers between themselves. This was reported on Friday by Bloomberg.
"The company is developing stablecoin - a type of digital currency that involves pegging to the US dollar," the Agency said, adding that this will reduce the volatility of the new cryptocurrency.
According to the Agency, Facebook is still far from releasing a digital means of payment, as the company is still working on the details of the project, including a plan to store assets, in particular the usual currency, which is designed to help the created cryptocurrency to maintain its value.
Many users have long expected Facebook to enter the financial services market. In 2014, the company hired the former President of the international payment system PayPal David Marcus, who in May this year headed the Department for the development of blockchain technologies. According to Bloomberg, about 40 people are already working under Marcus.
Cryptocurrency - a kind of digital currency, the creation of which is based on cryptographic methods. The operation of such systems is based on the blockchain technology - a decentralized database, the storage devices of which are not connected to a common server. One of the most famous varieties of cryptocurrency is bitcoin, the rapid growth of popularity which has occurred in recent years.
Facebook as a social network was founded in 2004 by Mark Zuckerberg and three of his fellow students while studying at Harvard University. The eponymous social network is one of the leading in the world. Its total monthly audience exceeds 2 billion users. WhatsApp messenger belongs to Facebook.