Facebook is creating a cryptocurrency that will let users transfer money on its WhatsApp messaging app, according to Bloomberg.
The company is developing a stablecoin -- a type of digital currency pegged to the U.S. dollar -- to minimize volatility, said the report.
"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," a company spokesman said. "This new small team is exploring many different applications. We don’t have anything further to share."
Facebook has been expected to make a move in financial services, after hiring former PayPal president David Marcus to run its Messenger app in 2014. The company has also about 40 people in its blockchain group.
WhatsApp, Facebook’s encrypted mobile-messaging app, is popular in India, with more than 200 million users.
The stablecoins are supposed to be digital coins that would be easier to use on daily purchases because it would be more stable than currencies like Bitcoin. But stablecoins have been surrounded by controversy.
Facebook sees tremendous growth opportunity in India, which has 480 million internet users, second only to China. It stablecoin, if it becomes official, will most probably be used in the Asian country.