Facebook may be getting in to the digital currency game. According to reports, Facebook is currently developing a method in which users will be able to transfer money on WhatsApp using a digital currency. Reports from Bloomberg indicate that this method will be first rolled out in India before it makes its way to the United States.
This report falls in line with many of the moves Facebook has made in recent years. In 2014, the social platform hired former PayPal President David Marcus as the head of its Messenger App. In May, Marcus transitioned to lead Facebook’s block chain initiatives. Since then, Facebook has hired a number of employees to join this growing team.
Despite the apparent moves toward digital currency and block chain technology, Facebook has said said little to nothing about their goals. In a recent statement, Facebook officials stated, “Like many other companies, Facebook is exploring ways to leverage the power of block chain technology.” Facebook officials later added, “This new small team is exploring many different applications. We don’t have anything further to share.”
While Facebook has not spoken about any of their desired moves in to the block chain space, they would be by far the largest player into the space if they decided to do so. It will definitely be a trend to keep an eye on in the near future.