Facebook creates its own cryptocurrency

Facebook is working on creating a cryptocurrency that will allow users to transfer money using WhatsApp. According to Bloomberg, citing sources, the currency will be pegged to the US dollar to minimize volatility.

Facebook has long been expected to make a move into financial services after the company hired former PayPal president David Marcus in 2014 to launch its Messenger app. In May, Markus became head of Facebook's blockchain division. According to LinkedIn employees, there are about 40 people in the Facebook blockchain group.

“Like many other companies, Facebook is exploring ways to harness the power of blockchain technology. This new small team is exploring many different applications,” the company said.

WhatsApp, an encrypted mobile messaging app, is popular in India with over 200 million users. The country also leads the world in remittances, with people sending home to India $69 billion in 2017, the World Bank reported this year.