Citing sources at Facebook Inc, Bloomberg reported on Thursday that WhatsApp is developing a type of digital currency that will let its users to transfer money to other users via its WhatsApp messaging app.
Bloomberg sources said the currency will not be launched anytime soon as it is still working on the strategy, which includes a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin.
The company is currently looking at India’s payment market, Bloomberg said. A Facebook spokesperson said the company “is exploring ways to harness the power of blockchain technology,” and that its new cryptocurrency team, led by former PayPal president David Marcus, is “exploring many different applications.”
Marcus announced in May on Facebook -where else- that he would leave the company’s Messenger team to join his blockchain division.
“After almost four incredibly rewarding years running Messenger, I decided it was time to take on a new challenge,” Marcus said at the time. “I’m setting up a small group to explore the best way to take advantage of the blockchain on Facebook, starting from scratch.”
But the news about its cryptocurrency is not the only thing that has made WhatsApp appear in the media this week. According to a report by two Israeli NGOs, TechCrunch reported Thursday that WhatsApp is now investigating a serious child pornography problem encrypted on its platform, one that its parent company Facebook failed to control.