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Facebook is creating a cryptocurrency to use on WhatsApp, says report

The social network is reportedly developing a digital currency that would be tied to the US dollar.

Michael Weber/Getty

Facebook may be getting into the cryptocurrency game.

The social network is reportedly developing a digital currency that will let users transfer money on its WhatsApp messaging service, according to a report Friday from Bloomberg. The effort will focus first on the remittances market in India, according to Bloomberg.

Facebook didn't immediately respond to a request for comment.

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In May, news site Cheddar reported that Facebook was "very serious" about the possibility of building its own digital currency for secure online payments. Facebook said at the time it had a small team looking into applications for blockchain -- the encryption technology behind cryptocurrencies like bitcoin -- but didn't offer specifics.

Facebook still has a ways to go before its cryptocurrency is ready, according to Bloomberg. The company plans to develop a stablecoin that's pegged to the US dollar, unnamed sources told Bloomberg, but is still working on strategy and ways to protect the value of its coin.

Facebook bought encrypted messaging app WhatsApp back in 2014 for $22 billion.