Monday, 22 October, 2018

Facebook is Planning on Creating Its Own Cryptocurrencies

Facebook creates Blockchain Division to be led by Coinbase board member Facebook (FB) & Microsoft (MSFT) Blockchain Adoption Will Take Technology To A New Level
Melody Ballard | 12 May, 2018, 14:22

Facebook's work on blockchain technology and cryptocurrency will likely take years to materialize.

According to Cheddar, it would be a way for the social network's billions of users to make electronic payments on the platform, as well as outside it.

As per sources concerned with the matter, the company is very serious about this project; it started about a year ago with a detailed study into blockchain.

That Facebook would form a team specifically dealing with blockchain is especially intriguing, and a clue the company is indeed interested in developing some form of cryptocurrency.

After the announcement made last week by Jan Koum, the Whatsapp co-founder, that he is exiting the company, Chris Daniel who was at the helm of a Facebook effort to expand internet access will head Whatsapp. The new group will be led by David Marcus, previously vice president of Facebook's Messenger Group.

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Earlier it was reported that Zuckerberg was thinking about using a cryptocurrency in the services of Facebook. While creating its own digital token would allow it to make a new cryptocurrency, Facebook has no intentions of trying to raise funds through an initial coin offering (ICO), sources claim.

Blockchain, the technology that underpins cryptocurrencies such as bitcoin, could have other business applications as a ledger for recording transactions, although Marcus said Facebook was "starting from scratch".

According to him, the newly created "a small team will explore many different directions". "We don't have anything farther to share with you".

Facebook, the controversial social network, has already integrated payments and its Messenger platform. What would Facebook use the currency for?

The social network is also among online platforms that came under fire for being used to spread misinformation and foment division ahead of the United States presidential election in 2016. Blockchain technology could also be used to help Facebook verify the identity of accounts and encrypt data. In 2009, the company released Facebook Credits, which could be used to purchase virtual goods in popular games like Farmville.

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