[News] Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

According to Bloomberg, Facebook Inc. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app.

The company is developing a stablecoin — a type of digital currency pegged to the U.S. dollar — to minimize volatility; Facebook is far from releasing the coin, because it’s still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin, sources said.