Facebook might be developing a cryptocurrency that you could send via WhatsApp
Facebook is working on a cryptocurrency that would allow people to send money to each other using its WhatsApp messaging app, according to Bloomberg.
Behind the scenes: We’ve known for a while that Facebook was working on something related to blockchain technology. In May, the social network named David Marcus, former PayPal president and then head of the Messenger app, to head up its blockchain program. Bloomberg says Facebook now has around 40 people on its blockchain team.
Backed by fiat currency: According to the report, Facebook is developing a crypto-token that would be backed by traditional currency, like the US dollar. That would help it avoid the price volatility that plagues most cryptocurrencies. A number of dollar-pegged tokens have already become popular among cryptocurrency users, and many more are under development (see “Stablecoins will help cryptocurrencies achieve world domination—if they actually work”).
Details, details: Bloomberg reports that India might be the first market. That would make sense. People sent a whopping $69 billion back home to India in 2017—the highest such figure in the world. But while the potential business opportunity is clear, not much else is yet. According to Bloomberg, Facebook is “far from releasing the coin,” and is still working out the overall strategy.
Keep Reading
Most Popular
Large language models can do jaw-dropping things. But nobody knows exactly why.
And that's a problem. Figuring it out is one of the biggest scientific puzzles of our time and a crucial step towards controlling more powerful future models.
How scientists traced a mysterious covid case back to six toilets
When wastewater surveillance turns into a hunt for a single infected individual, the ethics get tricky.
The problem with plug-in hybrids? Their drivers.
Plug-in hybrids are often sold as a transition to EVs, but new data from Europe shows we’re still underestimating the emissions they produce.
Google DeepMind’s new generative model makes Super Mario–like games from scratch
Genie learns how to control games by watching hours and hours of video. It could help train next-gen robots too.
Stay connected
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.