Facebook is developing a cryptocurrency that will allow users to transfer money on its messaging service WhatsApp, according to a Bloomberg report citing sources.
The company will first focus on the remittances market in India, where it has over 200 million users, sources told the news agency.
The company is working on a stablecoin to curb volatility, and is working on a plan for custody assets that will protect the value of the digital currency, the report added.
Moneycontrol could not independently verify the news.
A Facebook spokesperson told Bloomberg that a small team in the company is evaluating ways to utilise blockchain technology, but did not elaborate.
"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," a Facebook spokesperson told the news agency.
Facebook has about 40 people in its blockchain team according to employee titles viewed on LinkedIn, the news agency said.
Stablecoins are less volatile than other cryptocurrencies and are backed by assets, such as the US Dollar. They have become increasingly popular over the next year.
The project will not be WhatsApp’s first test of the digital payments system in India. WhatsApp has been testing the Unified Payments Interface since February 2018.
WhatsApp has sought approval from the Reserve Bank of India to expand its payment service to all users.
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