MENLO PARK, CALIFORNIA — Facebook is building a cryptocurrency that could potentially let users transfer money via Whatsapp, reports Bloomberg.
According to reports, Facebook is designing the new virtual currency with India in mind.
The new cryptocurrency would allow Indian workers working overseas to send money back home through Whatsapp, which is widely used in India.
The messaging app currently has more than 200 million users in the South Asian nation.
The social media giant is looking to develop a stablecoin, whose value would be based on the US dollar for stability.
However, according to Bloomberg, the company is far from releasing the coin and is still working on a strategy for the new virtual currency.
In a statement, Facebook said it is "exploring ways to leverage the power of blockchain technology."
