New York: The inner workings of Facebook Inc.’s blockchain team are still shrouded in secrecy, but it’s staffing up, according to people familiar with the group. A significant number of those employees—about one in five—used to work at a single company: PayPal Holdings Inc. The people Bloomberg spoke to about the project asked not to be identified because information about the blockchain team is closely guarded at the social networking giant. According to Facebook insiders, the blockchain group is developing a stablecoin, a type of digital currency pegged to the U.S. dollar or a basket of currencies, making it less prone to swings in price. The first country that will test the new currency is said to be India, a region that is particularly appealing for Facebook because it still has room to expand.

Source: Mint May 09, 2019 06:45 UTC