Facebook is reportedly exploring the creation of its own cryptocurrency
Posted by Damien Biddulph on Mon 14th May 2018
- Facebook is reportedly looking into creating its own cryptocurrency.
- On Tuesday, Facebook's head of Messenger, David Marcus, said he was looking into blockchain applications within the company.
- The creation of a Facebook cryptocurrency might just be one of the avenues Marcus and his team are exploring.
Facebook is looking into creating its own cryptocurrency, according to a report by Cheddar.
Reportedly, unnamed sources familiar with the matter said Facebook was "very serious" about its consideration of building its own decentralized digital currency.
Cheddar's report follows an announcement from Facebook's head of Messenger, David Marcus, who said on Tuesday that he planned to leave his position to explore uses of the blockchain at Facebook.
At the time, Marcus didn't mention any possible applications for the blockchain.
But cryptocurrency insiders are speculating that Facebook's interest in blockchain technologymight have something to do with payments. Additionally, one former Facebook employee told Business Insider that Facebook might be interested in creating a digital currency that could be used as a system of payments on the site.
It's thought that if Facebook offered a cryptocurrency, it could create a seamless payment platform on the site that could be accessible even by people who are unbanked.
A Facebook spokesman told Business Insider that the company was "exploring many different applications."
"Like many other companies Facebook is exploring ways to leverage the power of blockchain technology," the company said in a statement, adding: "We don't have anything further to share."