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News Link • Cyberspace and the New Economy

Cryptos Extend Week's Big Gains As Facebook Develops 'Stablecoin' For WhatsApp Transfers

• https://www.zerohedge.com, by Tyler Durden

With Bitcoin back above $4000...

While deciphering the catalyst for this sudden surge is tough, news that Facebook is reportedly making a cryptocurrency for users of the messaging service WhatsApp.

As CoinTelegraph reports, the token will purportedly be used for money transfers made within the app, and will focus on the remittances market in India,. according to a Bloomberg report on Dec. 20.

Citing sources familiar with the matter, Bloomberg states that Facebook is developing a stablecoin. The sources further stated that the coin will not be released anytime soon, as Facebook is still working on a strategy for custody assets i.e. the asset to which the stablecoin will be tied.

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