MENLO PARK – Facebook is known to have recently been building a new feature that has never existed before, namely cryptocurrency (digital currency) to be used to transfer funds through the WhatsApp messaging application.
The currency reported by Bloomberg, will focus first on the money transfer market in India. Facebook is developing stabelcoin, a kind of cryptocurrency that will be pegged to the dollar to minimize the instability of currency values.
However, it can be expected that it will not launch in the near future, because it is still in the design of several strategies so that the results become maximum.
Facebook is known to have long thought about releasing this design business, especially when they recruited former Paypal president David Marcus to copy the Messenger application in 2014.
Then in May, Marcus became the leader of Facebook’s blockhain initiative. They also began recruiting employees and now have as many as 40 employees working under the leadership of Marcus.
“Like many other companies, Facebook is exploring ways to harness the power of blockchain technology,” a company spokesman said in a statement quoted from Bloomberg on Saturday (12/22/2018).
“This new small team is exploring various applications. We have nothing else to share,” they added.
Then followed by Whatsapp, which became a messaging application that is very popular now in various countries, especially in India, with more than 200 million users.
The country also leads globally in remittances, outsiders send USD 69 billion to India in 2017, as in the 2018 World Bank report.