Facebook set to introduce cryptocurrency for WhatsApp Transfer

Facebook is set to introduce cryptocurrency for WhatsApp, so as to enable users of the popular messenger application send and receive money.

Although the focus will be the Indian market, the cryptocurrency will be a special cryptocoin, “stablecoin” which has its value as the U.S. dollar.

According to the report, Stablecoin is so chosen because it is able to protect users from volatility, a problem Bitcoin and other cryptocurrencies have been having.

Bloomberg reports that Facebook’s statement reveals that it is

“exploring ways to leverage the power of blockchain technology” which had the head of Facebook’s Messenger, David Marcus, explaining in May this year, “I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch.”