Facebook is reportedly working on a digital currency to enable money transfers on its messaging service WhatsApp. The social network has plans to launch its cryptocurrency in India first to benefit from the countries growing mobile payments market, according to a new report. The news comes just months after Facebook revealed plans to launch a blockchain group to study how it could use the technology for a secure online database of transactions. Blockchain, also known as distributed ledger technology, is a shared database that provides a public record of changes in the ownership of an asset, such as a cryptocurrency. Facebook’s blockchain team, led by former PayPal executive David Marcus, is believed to be working on plans for a WhatsApp “stablecoin” – a cryptocurrency similar to Bitcoin that would be pegged to the US dollar to reduce volatility. The plans for a cryptocurrency are in the early stages, according to people familiar with the matter speaking to Bloomberg. A Facebook spokesman said: “Like many other companies, 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.” So-called stablecoins are online tokens designed to match the value of real-world… Read full this story
- Money Transfer Showdown: Square Cash vs. Venmo vs. PayPal
- What Is Calibra? Facebook Reveals New Cryptocurrency That Will Let You Send Money Using WhatsApp, Messenger
- A Chinese digital currency is the real threat, not Facebook's Libra
- Facebook's Libra: Why China Doesn't Want to Take a Back Seat in Digital Currency Competition
- Sudan Military Council Vows to Hand Over Exec Power to Civilian Bodies - Reports
- Harry Power: Anniversary of the death of Ned Kelly’s mentor
- 'You suck, Zuck': Elizabeth Warren accuses Facebook of 'illegal anti-competitive practices, abuse of privacy and fumbling responsibility for democracy' after Mark Zuckerberg vows to stop her breaking up tech giants
- Facebook's Libra Cryptocurrency Could Be Blocked in Europe After Top Politician Says He 'Cannot Authorize' Its Development
- Fewer protections come with digital payments like Apple Cash
- Facebook closes its $2bn Oculus Rift acquisition. What next?
Facebook is building its own digital currency to power money transfers on Whatsapp, report claims have 342 words, post on www.telegraph.co.uk at December 21, 2018. This is cached page on IT Breaking News. If you want remove this page, please contact us.