Facebook Inc. is creating a cryptocurrency that will work through WhatsApp, according to Bloomberg.
The cryptocurrency will focus on WhatsApp’s India market, which boasts more than 200 million users, and would allow users to transfer money. India also leads in the world’s remittances — $69 billion was sent to people in the country in 2017.
Facebook is developing a stablecoin based on the U.S. dollar to offset some of the volatility associated with cryptocurrencies and make daily purchases easier.
Stablecoins are becoming more popular and there were more than 120 ventures related to the coins in the past year, according to Stable.Report, a stable coin tracker.
The company has been increasingly dipping into the crypto industries by appointing its David Marcus to head its blockchain initiatives in Messenger in May. Marcus is the former president of PayPal and has been with Facebook since 2014. The company also has about 40 people in it’s blockchain department after a recent hiring sprint, according to Bloomberg.
Although the project is far from launch, it would would be the first from a tech company of Facebook’s size. India has over 400 million internet users and that number is expected to increase in the several years. If Facebook is successful, we could see other similar companies try to break into the blockchain world.