Facebook’s secret plans to launch its own bitcoin-style cryptocurrency could soon be offered to users of the messaging app WhatsApp, reports suggest.
First reported by The Independent in May, Facebook began working on the cryptocurrency following one of the biggest management reshuffles in the company’s history.
The social network is now planning to launch a so-called stablecoin – a cryptocurrency pegged to the US dollar to avoid price volatility – to WhatsApp users in India, according to Bloomberg.
Citing sources close to the matter, the media outlet claimed Facebook would focus on the remittance market in India, where more than 200 million people use WhatsApp, but is still “far from releasing” the coin.
David Marcus, who heads Facebook’s exploratory blockchain group, has previously worked as the president of PayPal before subsequently serving as vice president of Facebook Messenger.
Bitcoin’s volatile history in pictures
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Satoshi Nakamoto creates the first bitcoin block in 2009
Bitcoin is used as a currency for the first time
Silk Road opens for business
The first bitcoin ATM appears
Mr Marcus gave few details about the project when he announced his appointment in a blog post, but did reveal he is reporting directly to Facebook’s chief technology officer Mike Schroepfer.