Facebook 'Serious' About Creating Own Cryptocurrency

Facebook 'Serious' About Creating Own Cryptocurrency

As part of the news, it was revealed that Facebook now has a blockchain division, run by David Marcus.

Evidently, Marcus has plenty of experience in the field of payment processing - he was also an early adopter of Bitcoin, and in December he joined the board of Coinbase.

At the time, Beller was the only Facebook employee devoted to studying blockchain, the digital and decentralized ledger that underpins cryptocurrencies like Bitcoin and Ethereum. Plans for blockchain had been omitted from the 10-year-old roadmap which the executives were trying to sell and the executives have been tight-lipped from then on about any plans regarding the cryptocurrency.

Marcus later shared a message on Facebook confirming the move. Bridget van Kralingen stated that companies like Unilever, Nestle, Dole, and Kroger are using blockchain to improve their business models and bring change in customers' lives.

"This new small team will be exploring many different applications", the spokesperson said.

According to Cheddar, sources familiar with the matter told the outlet that the social media giant is now exploring creating its own virtual tokens.

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Citing anonymous sources familiar with the matter, senior reporter Alex Heath said that the company - whose $533 billion market cap is a $140 billion larger than the current cryptocurrency market cap - is holding serious, high-level discussions about directing the focus of its blockchain research team toward releasing its own cryptocurrency.

We'll keep our ear to the ground for further developments on Facebook's cryptocurrency plans, but it could be some time before these come to fruition.

David Marcus said in a post on the social network that, after four years in charge of Messenger, he is "setting up a small group to explore how best to leverage blockchain across Facebook".

On Friday, IBM's (ibm) blockchain chief Bridget van Kralingen told Fortune that blockchain technology could help Facebook deal with some of the company's recent data privacy controversies.

Facebook would not be the only social media platform to launch its own cryptocurrency. Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically.

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