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