Facebook is reportedly looking into its own cryptocurrency

  • Facebook is reportedly looking into its own cryptocurrency

Facebook is reportedly looking into its own cryptocurrency

Facebook started studying blockchain nearly a year ago, when a member of its corporate development team, Morgan Beller, began looking at how the social platform could use the emerging technology.

As CCN reported, Facebook announced last week that it had created a new team dedicated to researching blockchain technology.

Marcus, who formerly served as president of PayPal, is an outspoken advocate for cryptocurrencies, and his experience at the digital payments firm makes him an ideal choice to oversee Facebook's potential foray into this space. "This new small team will be exploring many different applications".

Facebook is making the leadership changes after a broad review of all the company's products and their privacy holes, sparked by the revelation in March of a data leak that exposed personal information on tens of millions of users.

In the past, Facebook has had issues in the past with identity verification and a transparency advertising policy - blockchain could be their solution. David Marcus, the executive formerly in charge of Messenger, will be the leading the blockchain group. "We don't have anything further to share".

Marcus is an early Bitcoin investor, and in December he joined the board of Coinbase, which runs one of the most popular cryptocurrency exchanges. Blockchain is the ledger system that underlies cryptocurrency, but it can have various uses.

It's unclear what the currency will be called, but anonymous sources familiar with the situation told the outlet the social media platform is "very serious" about blockchain technology and their in-development virtual coin.

Facebook is reportedly "very serious" about launching its own cryptocurrency, according to the latest report from Cheddar.

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. Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically.

During an interview at a conference in February, Marcus said Facebook didn't have plans to integrate cryptocurrency into its apps anytime soon.