Facebook Said To Be Planning Own Cryptocurrency

May 11, 2018 7:56 pm Published by
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Facebook is reportedly planning to launch its own cryptocurrency, according to The Verge who quoted an earlier report from Cheddar’s Alex Health. 

The social media giant did not release specific details but said it would be focusing on how to use the cryptocurrency for facilitating payments on the platform. 

The change would be a significant departure for Facebook and be tapping into their already massive user base and existing marketplace section of the site where users can buy and sell goods. 

Facebook is also said to be examining other ways to utilize the tokenized digital currency and its underlying blockchain technology on its platform. 

Cheddar said that David Marcus was leading the cryptocurrency campaign at Facebook and is starting this week as the leader for a new blockchain division at Facebook which will “to explore how to best leverage Blockchain across Facebook, starting from scratch.”

Facebook commented that “like many other companies Facebook is exploring ways to leverage the power of blockchain technology.” 

“This new small team will be exploring many different applications. We don’t have anything further to share.”

WN.com, Maureen Foody

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