Facebook to Launch Its Own Cryptocurrency

Facebook to Launch Its Own Cryptocurrency

According to news media outlet, Cheddar the Social media giant Facebook is about to launch its very own cryptocurrency. According to the news report, Facebook is going to capitalize on cryptocurrency for payments on the social media platform.

Facebook, founded by Mark Zuckerberg has over two billion users globally.

Facebook, the most popular social media platform has been in the media for various reasons lately. From the cryptocurrency and ICO advertisement banning to privacy concerns with Cambridge Analytica. The latest is a focus on cryptocurrency for facilitation of payments that will help Facebook’s Marketplace.

This is not the only way it will use cryptocurrency, according to the news report. Apparently, it will also use the underlying technology of Blockchain which is responsible for cryptocurrencies such as Bitcoin in various other solutions on the platform.

The cryptocurrency efforts are led by David Marcus, who is currently heading Facebook messenger. He recently said in a post-

“I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch.”

David Marcus has previously worked in the finance sphere of Paypal and then joined US cryptocurrency exchange Coinbase’s board in December 2017. With his finance and cryptocurrency background, he is the ideal choice for running Facebook’s cryptocurrency team according to Coinbase CEO Brian Armstrong.

Recode was the first to report on Facebook’s Blockchain technology developments and is being led by David Marcus.

Facebook is joining a bunch of companies and individuals worldwide in accepting Blockchain technology as a solution to real-world problems. According to market research firm International Data Corporation (IDC), global spending is to reach $2.1 billion in 2018 which is more than double than 2017 which was calculated at $945 million.

Since this was not confirmed, a Facebook representative when asked to comment on it did not disagree neither did she agree to it but said that the implementation of cryptocurrencies in Facebook is in the early days.

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