New details have emerged about Facebook Inc.’s rumored effort to develop a cryptocurrency for WhatsApp.

The New York Times today reported that the social networking giant is hoping to launch the digital coin in the first half of 2019. The sources who spoke with the publication said the value of the coin, which has been in development since at least last year, will be linked to a basket of fiat currencies, including the U.S. dollar.

Facebook’s reported goal with the project is to provide a way for consumers to send money instantly to friends and family. If it achieves that objective, the cryptocurrency could potentially position WhatsApp as a major mobile payments platform. The messaging service has about 1.5 billion active users worldwide along with more than 3 million business accounts.

Despite the massive reach of WhatsApp, Facebook is said to be looking for partners to help sell the planned currency to consumers. Four sources told the Times that the company has held talks with cryptocurrency exchanges about making the coin available on their platforms.

Such a go-to-market strategy would enable Facebook to offload some of the complex work involved in managing a cryptocurrency, especially as it pertains to ensuring regulatory compliance. But that may come at the cost of some revenue. Any exchange operators that may end up selling the WhatsApp coin will presumably take a cut of transaction fees.

It remains to be seen what the final product will look like. The cryptocurrency is reportedly being developed by a 50-person team of engineers working under the leadership of former PayPal Holdings Inc. President David Marcus, whom Facebook originally hired to oversee the expansion of its messaging services.

Facebook isn’t the only consumer tech giant apparently eyeing the personal finance market. Last week, it was reported that Apple Inc. plans to launch an iPhone-integrated credit card in collaboration with Goldman Sachs Group Inc. later this year.

Photo: Christoph Scholz/Flickr