Facebook Developing Own Cryptocurrency For WhatsApp Money Transfers: Report
Umer Jamshaid Published December 23, 2018 | 06:57 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 23rd Dec, 2018 ) :Tech giant Facebook is working on developing a cryptocurrency called Stablecoin to minimize volatility and allow its users to transfer money on its WhatsApp messaging app.
According to the report, Facebook is developing a stablecoin which is a type of digital Currency pegged to the US Dollar, to minimize effects of price volatility.
However, the company is far from releasing the coin. It is still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin, Bloomberg reported.
According to people familiar with the matter, the token will purportedly be used for money transfers made within the app and will focus on the remittances market in India.
With more than 200 million users, WhatsApp's biggest market in the world is India.
"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," a company spokesman said in a statement. "This new small team is exploring many different applications. We don't have anything further to share." In May, David Marcus, the head of Facebook's messaging app Messenger, had announced formation of a blockchain exploratory team at Facebook.
In an interview with Cheddar, Facebook had said it was exploring the creation of its own cryptocurrency, a virtual token that would allow its billions of users around the world to make electronic payments.
rpt
Related Topics
Recent Stories
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
More Stories From Pakistan
-
Federal government to collaborate with provinces to reduce electricity losses
11 seconds ago -
Afghan refugees' management require substantial resources; int'l community support necessary: Muqam
15 seconds ago -
SIFC announces ambitious plan to revitalize KP’s tourism hubs
35 seconds ago -
National Assembly refers two bills to committees
10 minutes ago -
Maryam Nawaz felicitates Raisi on 45th Islamic revolution anniversary
11 minutes ago -
Algerian Ambassador, MD APP discuss news cooperation between official news agencies
20 minutes ago
-
Chairman JCSC confers civil awards to eminent scientists, engineers
21 minutes ago -
Delegation of Girls Guide Association visits Virtual Women Police Station
30 minutes ago -
Govt's priority to protect life, property of people: DC
40 minutes ago -
DC directs cleaning of drains ahead immediately ahead of rain
41 minutes ago -
AJK Govt releases long awaited funds for local councils
41 minutes ago -
Punjab govt wants to address travelling problems of student through motorbike scheme: minister
50 minutes ago