New Cryptocurrency on the Block?

Facebook considers launching its own cryptocurrency, well-placed sources have revealed.

22:08 21 May 2018

Facebook is reportedly looking into launching its own cryptocurrency like bitcoin. Well-placed sources claim that the virtual token is aimed at allowing users from all over the world to make electronic payments.

 

The news was fueled by David Marcus, head of Facebook messenger, when he said that he is leading a new team to “explore how to best leverage blockchain across Facebook, starting from scratch.”  A representative at the company has then confirmed that the team consisting of around 11 employees will be exploring many different applications.

 

Earlier this year, CEO Mark Zuckerberg said: “There are important counter-trends to this – like encryption and cryptocurrency – that take power from centralised systems and put it back into people’s hands. 

 

“I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.” 

 

The use of cryptocurrency makes sense for the social media giant. Facebook is being used by many people around the world who will benefit if the company provides them with easier way to make electronic payments. It will also benefit Facebook as it will allow advertisers to directly make payments using its own infrastructure.