Facebook Inc. has announced its plans to develop a cryptocurrency that will allow users transfer money using WhatsApp messaging app. The social media company first aims to target the Indian remittances market.

As reported, Facebook is working on creating a stablecoin or a digital currency that will be pegged to the US dollar. The company intends to eliminate the volatility in crypto markets. It is currently working on the strategy of the future coin and developing a plan for custody assets that will protect the value of the stablecoin.

According to a spokesman at Facebook, the company is exploring ways to leverage the potential of blockchain technology. He stated that a new team is working on many different applications to achieve the goal.