Facebook keeps up with the times.

The WhatsApp messenger will acquire its own cryptocurrency. It will be used for calculations between app users around the world. The introduction of this feature in WhatsApp will allow Facebook to “bite off” your share of the pie in the rapidly growing market cryptocurrency.

Digital currency will be called StableCoin (“Stable coin”). The developers plan to tie its exchange rate to the US dollar. It is necessary for the stability of the financial system of the messenger and minimize the risk for WhatsApp users.

For developing this project in Facebook is a special team, consisting of about 40 people. Manages the team of David Marcus, former PayPal President. He joined Facebook in 2014, and then headed all the blockchain-the projects of the company. Also in the record Marcus is working in a startup Coinbase cryptocurrency.

A similar initiative to develop its own cryptocurrency announced this year the founder of Telegram, Pavel Durov. On the development platform and cryptocurrency TON GRAM in a short time has raised more than $1.5 billion.

Source: Bloomberg


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