Cheddar has reported that Facebook plans to launch its own cryptocurrency. The virtual coin is set to allow the social media platform Billions of users to make electronic payments. These claims come from people that are very aware of Facebook plans and one source who chooses not to be identified discussing unannounced plans says they are very serious about it.
It’s not the first time the idea of a virtual token from Facebook has been thrown around, but it’s now believed these plans have taken a new dimension after Facebook recently reshuffled its executive structure and formed a blockchain group.
The Blockchain is a decentralized record keeping system and it can help Facebook tackle some of its most troublesome issues like monitoring advertising sales or identity verification. It’s the technology that all cryptocurrencies run on.
A Facebook spokesperson speaking to CNBC says:
“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,”
Facebook interest in the Blockchain technology started almost a year ago when Morgan Beller, a member of its corporate development team began exploring how the social media giant could utilize the emerging technology.
Beller at the time was the only Facebook employee that was totally devoted to studying the blockchain technology. However, this week her work was thrust on the spotlight when Facebook announced that David Marcus, the vice president in charge of Messenger app, was to lead a new team that would explore how Facebook could leverage the Blockchain technology from scratch.
Currently, there isn’t much detail about Facebooks plans but the company is said to be really focused on using its own virtual currency to facilitate payments on the platform.
Now that Facebook plans to launch its own cryptocurrency, do you think we could see other social media platforms like Twitter coming up with similar plans? Share your thoughts in the comment section below.