Facebook Is Developing a Cryptocurrency for WhatsApp Transfers; Will start with Remittance in India

Facebook is developing a stablecoin — a type of digital currency pegged to the U.S. dollar — to minimize volatility, said the people, who asked not to be identified discussing internal plans.

Facebook is far from releasing the coin, because it’s still working on  the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin, the people said.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” a company spokesman said in a statement. “This new small team is exploring many different applications. We don’t have anything further to share.”

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