Facebook Could Be Developing Its Own Cryptocurrency For WhatsApp

If you’re looking to transfer money to friends or family members over mobile, there are several ways to go about doing that. There is PayPal, there is Venmo, there is Apple Pay, and so on. Now we have heard that WhatsApp has been working on a money transfer feature, and a report from Bloomberg has revealed that Facebook could be planning on using cryptocurrency to do so.

According to the report, Facebook could be planning on developing what is known as a “stablecoin”, which is a form of cryptocurrency that is pegged to the US dollar. The idea behind it is that it will help minimize any volatility that is typically associated with cryptocurrency, such as Bitcoin which has been known to fluctuate wildly.

Facebook has yet to officially acknowledge that this is something they might be working on, but a spokesman for the company did confirm that Facebook is exploring ways to leverage blockchain technology. “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.”

That being said, the idea of using cryptocurrency to transfer money does seem like it could be more secure, but whether or not we’ll actually see it launch remains to be seen.

Tyler Lee
Categories: Cellphones, Rumors
Tags: cryptocurrency, Facebook, Whatsapp