Social Media Giant Facebook is reportedly creating a cryptocurrency system for transferring money through WhatsApp. It had been expected from Facebook to jump into the finance game as the company hired former PayPal president David Marcus in 2014 to run it’s messenger app.
The company is said to be creating a stablecoin – a kind of digital currency that is pegged to the USD, according to Bloomberg. Since stablecoins would be reflecting the price of a government supported currency, it could help resolve the issue of volatility.
Facebook had reportedly formed a small team that had been looking into blockchains, the technology that cryptocurrencies use for encryption. Let us know your thoughts on this step taken by the social media company!