The social media giant Facebook is set to introduce cryptocurrency for WhatsApp, so as to enable users of the popular messenger application send and receive money, Bloomberg reports.
David Marcus, the head of Facebook’s messaging app Messenger, announced the formation of a blockchain exploratory team at Facebook explaining in May this year. At the time, Marcus was also a board member at San Francisco-based crypto exchange and wallet service Coinbase.
The token will purportedly be used for money transfers made within the app, and will focus on the remittances market in India, the cryptocurrency will be a special cryptocoin, “stablecoin” which has its value as the U.S. dollar.
he Indian remittances market is significant. According to data from the World Bank, the country received nearly $69 billion dollars in foreign remittances in 2017, or 2.8 percent of the country’s GDP.
Stablecoin is so chosen because it is able to protect users from volatility, a problem Bitcoin and other cryptocurrencies have been having.