Kik might not be the only messaging app to support cryptocurrency payments if Facebook’s latest dream comes true.
According to people close with the matter, the social media behemoth is looking to develop a cryptocurrency that enables WhatsApp users to transfer money to each other, reports Bloomberg.
Apparently it’s going to be a stablecoin pegged to the US dollar too. Hopefully, that will help address any potential volatility to ensure that transfers hold their value long enough for the recipient to turn them back into spendable fiat. It also might mean that this stablecoin will only be available in the US, but we’ll have to wait and see.
It’s going to be a long time yet until we see the coin in the wild, as Facebook is only just beginning to develop the concept and strategy for the cryptocurrency, the report states.
Indeed, we will have to wait a while longer to see exactly how this comes to life; but given Facebook’s recent hires we shouldn’t be all that suprised to see Facebook stepping out into the world of blockchain and cryptocurrency.