Facebook to join the block(chain) party and start its own cryptocurrency

 

Facebook is exploring the creation of its own cryptocurrency, a virtual token that would allow its billions of users around the world to make electronic payments, people familiar with Facebook’s plans told Cheddar.

By the sounds of the article things are well on their way and going far beyond the “exploring” phase.

Facebook Messenger VP David Marcus is said to be heading up a new team of around a dozen people, looking into ways to incorporate the soon-to-be cryptocurrency.

Marcus was the president of PayPal prior to joining Facebook as well as being a significant early investor into Bitcoin and on the board of one of the biggest crypto exchanges, Coinbase. There is no question as to his pedigree in the digital transaction marketplace and his announced involvement only bolsters rumours of Facebook’s entrance into the crypto market.

When asked for further comment by the Cheddar team Facebook responded stating:

“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.”

Source: Facebook Plans to Create Its Own Cryptocurrency on Cheddar

Reckoner had its humble beginnings way back in June of 2013.

Founded by James Croft, along with Peter Wells and Anthony Agius they created what would go on to become one of Australia’s most highly regarded and award winning independent tech blogs.

With its uniquely Australian voice Reckoner is committed to offering a “no-holds-barred” approach to its writing. Beholden to no one but its audience. Reckoner’s goal is to remain completely transparent and honour the trust it’s built with its faithful readership.

Support Reckoner!
Thanks for stopping by. It looks like you're really enjoying the content so why not help a brother out and pitch in for a coffee.

Your support makes all the difference!