The U.S. tech giant is reportedly developing a digital currency that would be tied to the US dollar. which would be the largest entrant to the consumer blockchain space
Facebook didn’t immediately respond to a request for comment.
In May, The news site TechCrunch reported thathe Facebook Crypto team could build, Facebook said at the time it had a small team looking into applications for blockchain — the encryption technology behind cryptocurrencies like bitcoin — but didn’t offer specifics.
The Bloomberg report is a first big hint at what will come from their sources and, according to the publication, it’ll be a stablecoin that “let’s users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India.”
Bloomberg in a statement told, “Just Like many other plyers, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share,”
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