Facebook To Launch Its Own Cryptocurrency As An Alternative Payment Method

It seems like Facebook is reportedly planning to launch its own Cryptocurrency, according to a statement from Cheddar’s Alex Health. Indeed, Facebook may be the world’s biggest social network but it’s obviously not content with that. Moves into other markets are increasingly commonplace for the company and with steps into virtual reality and instant messaging already underway, it should be thinking to come up as no surprise that cryptocurrency is the next big step.

A new report surfaced, claiming that Facebook’s planning to introduce its very own cryptocurrency to the world.

With an eye towards payments on the social media platform, Facebook seems to be very well prepared for the launch of its own cryptocurrency.

Currently, there isn’t too much detail, though, the company is said to be specifically focused on using cryptocurrency specifically for facilitating payments on the platform, that is something which could be a pretty dramatic shift given Facebook’s huge user base and existing marketplace section of the site for buying and selling goods.

The assumption is that Facebook is looking at cryptocurrency as a payment method for use across the Facebook platform. Given the sheer number of people involved and the existing user base covering a thriving marketplace within Facebook itself, that would be quite the undertaking.

The company called Facebook is also said to be investigating other ways to leverage the tokenized digital currency and its underlying blockchain technology across its platform, too. It is also suggested that the move towards cryptocurrency is being led by David Marcus, the same man who was recently reported as being the head of a new division within Facebook that will put effort on, you guessed it, blockchain technology.

To explore how the best leverage Blockchain across Facebook, starting from scratch, Marcus’ brief is it. Facebook is keeping its cards close to its chest right now, although it did release a short statement in which it covered the bases without actually saying anything new.

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.

(Sources: Cheddar, The Verge)

Up Next to check out:

(Visited 26 times, 1 visits today)