Facebook could be building a cryptocurrency for WhatsApp - Rumour or more?

Facebook goes Blockchain - no surprise

It is reported by several sources in the tech world such as Bloomberg that Zuckerberg's tech giant is working on its own cryptocurrency for WhatsApp. Given it was clear that Facebook is entering the blockchain business simply because they would lose their dominating position in the social media world this is a logical step. The trial seems not to move towards directions like de-centralisation or better data protection but it seems clear to them that they have to jump on the blockchain train to defend their market position.

According to Bloomberg, the company is trying to build a "stablecoin," a specific type of cryptocurrency with a value is tied to the dollar, which will be used to facilitate money transfers on the messaging app. At least initially, it will apparently target remittances in India.

Sounds familiar to blockchains such as Steem with the tie to the US dollar. Obviously there have not been any official statements by Facebook executives yet so we might still treat this as news that has no proof yet.

Only official quote by Facebook spokesperson Travis Reed was:

"Like many other companies Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share."

Sources: Business Insider, Bloomberg, FM Studio