--- title: "Facebook is Reportedly Creating Its Own Cryptocurrency" description: "Bloomberg reports that Facebook may be working on creating its own cryptocurrency in the form of a stablecoin for WhatsApp users." date: "2018-12-21" modified: "2018-12-21" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/facebook-stablecoin-cryptocurrency" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "cryptocurrency" - "facebook" - "stablecoin" - "whatsapp" --- # Facebook is Reportedly Creating Its Own Cryptocurrency ![Bloomberg reports that Facebook may be working on creating its own cryptocurrency in the form of a stablecoin for WhatsApp users.]() *\Image: Victor Tangermann\* ## ZuckerCoin Facebook is getting into the crypto business. That's according to [new reporting]() by *Bloomberg*. Sources familiar with the project told the business magazine that the social media giant is working to develop a money transfer system for its WhatsApp chat app that uses a stablecoin — a form of blockchain-based cryptocurrency that is pegged to a particular unit of value like the U.S. dollar. For a major tech corporation like Facebook to enter into the cryptocurrency space could be a key inflection point for the blockchain industry. ## FaceCoin WhatsApp may not be the number one choice of messenger app in the U.S., but it enjoys massive popularity in other parts of the world, including India — [over 200 million]() of the app's 1.5 billion users reportedly live there. Many global immigrants send money back home in the form of remittances, including [almost $70 billion]() worth sent to India alone in 2017, according to the World Bank. Now it looks like Facebook wants to take a cut using cryptocurrency. Rumors about the possibility Facebook is getting into crypto arose when the company made some key hires for a [brand-new blockchain team]() back in May 2018. And the company sent out job listings for [five more staff positions]() earlier this month. ## WhatsCoin But Facebook picked a challenging moment for the venture. Stablecoin startup Basis had to [close its doors]() earlier this month after only eight months in the cryptocurrency business thanks to regulatory hurdles. And then there's the complicated relationship between Facebook and India. The Indian government [recently warned]() Facebook that its WhatsApp platform was to blame for an intense wave of mob violence. The bottom line: do the people of India — and their government — really have enough faith in the Facebook-owned platform, and in the stability of cryptocurrency, to send money using the new system? That remains to be seen. **READ MORE:** [Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say]() \[*Bloomberg*\] ***More on WhatsApp: [India’s Government Blames Facebook’s WhatsApp for Mob Violence]()*** ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()