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
Geoffrey Hinton tells us why he’s now scared of the tech he helped build
“I have suddenly switched my views on whether these things are going to be more intelligent than us.”
ChatGPT is going to change education, not destroy it
The narrative around cheating students doesn’t tell the whole story. Meet the teachers who think generative AI could actually make learning better.
Meet the people who use Notion to plan their whole lives
The workplace tool’s appeal extends far beyond organizing work projects. Many users find it’s just as useful for managing their free time.
Learning to code isn’t enough
Historically, learn-to-code efforts have provided opportunities for the few, but new efforts are aiming to be inclusive.
Stay connected
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.