Facebook developing a cryptocurrency for WhatsApp payments

The New York Times reports that Facebook is releasing a cryptocurrency for WhatsApp users.

The digital coin will reportedly allow WhatsApp users to send money to their friends and family across local and international borders.

There are over 50 engineers working on the project, and it is being run by the former president of PayPal, David Marcus, stated the report.

According to the report, Facebook has already held conversations with various cryptocurrency exchanges regarding the selling of its upcoming coin on their platforms.

WhatsApp’s digital currency will exist on a decentralised network of computers, ensuring there is a degree of separation between the coins and Facebook.

Mining will reportedly not feature in the structure of Facebook’s cryptocurrency platform, and it will not provide good value to speculators – rather acting as a genuine transactional currency.

Facebook is reportedly aiming to release the product within the first half of 2019.

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Facebook developing a cryptocurrency for WhatsApp payments