Facebook Is Planning To Launch Its Own Cryptocurrency

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Facebook users may soon be able to make payments using its own cryptocurrency.

Facebook Crypto

It was recently confirmed that Facebook has put together a team to work on Blockchain. Now, fresh media reports also claim that the social media giant is dipping its toes in developing its own cryptocurrency.

A report by Cheddar claims that the company “is quite serious” about this new venture. According to their source who asked to remain unnamed, it will potentially be geared towards payment transactions.

Although there aren’t any clear details as to what Facebook will really do with its own cryptocurrency, there’s one thing we know. The company isn’t planning to hold any initial coin offerings (ICO) with a limited number of tokens for purchase.

A Facebook spokesperson released a statement to The Verge but didn’t deny the possibility of developing their own crypto.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” the spokesperson said in an email. “This new small team will be exploring many different applications. We don’t have anything further to share.”

Facebook’s cryptocurrency efforts are currently being lead by David Marcus. The team’s responsibility is “to explore how to best leverage Blockchain across Facebook, starting from scratch.” The team would come under “New platforms and infra” run by Chief Technology Officer (CTO) Mike Schroepfer.