Facebook reportedly is developing its own cryptocurrency for use in a blockchain-based funds transfer service, according to a report by Bloomberg.
Facebook’s stablecoin — so called because it is pegged to a fiat currency to reduce volatility — would allow users of the social media giant’s WhatsApp platform to send money to other users of the service.
The blockchain component of the service would ensure that transfers are instantaneous, irreversible and verifiable.
According to the report, “Facebook would be competing … with services like PayPal’s Xoom, or WorldRemit, or even Western Union. Society might become more cashless as a result, but it’s not going to be any more crypto.”
The service would initially be offered in the Indian market, Bloomberg reported.
