Facebook Inc. is working to develop its own cryptocurrency for transferring money through its WhatsApp Inc. messaging app, Bloomberg News reported, citing people familiar with the matter.
The social media giant is developing a stablecoin, a special type of digital currency that will have its value pegged to the U.S. dollar to minimize volatility, sources said, adding that Facebook will focus first on the remittances market in India.
Facebook launched its blockchain team earlier this year, which is led by former Facebook Messenger head David Marcus.
"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," a company spokesperson reportedly said in a statement. "This new small team is exploring many different applications. We don't have anything further to share."