Facebook is Reportedly Planning to Launch Its own Cryptocurrency

Facebook is Reportedly Planning to Launch Its own Cryptocurrency

Blockchain Cryptocurrency News
May 11, 2018 by Sandra Onyeiwu
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Facebook is reportedly planning to launch its own cryptocurrency, according to a report from Cheddar’s Alex Heath. It’s not the first time the idea of a Facebook coin has been floated, but the plans take on some greater meaning in light of Facebook’s recently reshuffled executive structure and newly formed blockchain group. Citing anonymous sources
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Facebook is reportedly planning to launch its own cryptocurrency, according to a report from Cheddar’s Alex Heath.

It’s not the first time the idea of a Facebook coin has been floated, but the plans take on some greater meaning in light of Facebook’s recently reshuffled executive structure and newly formed blockchain group.

Citing anonymous sources familiar with the matter, senior reporter Alex Heath said that the company whose $533 billion market cap is a $140 billion larger than the current cryptocurrency market cap — is holding serious, high-level discussions about directing the focus of its blockchain research team toward releasing its own cryptocurrency.

Cheddar’s report follows an announcement from Facebook’s head of Messenger David Marcus, who said on Tuesday that he plans to leave his current position in order to explore uses of the blockchain at Facebook. At the time, Marcus didn’t mention any possible applications for the blockchain.

Facebook’s work on blockchain technology and cryptocurrency will likely take years to materialize. People familiar with the matter said the social network doesn’t have plans to hold a so-called initial coin offering (ICO) by offering a limited number of virtual tokens for the public to buy at a set price.

Facebook will likely need to make acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency, one of the people said. Blockchain technology could also be used to help Facebook verify the identity of accounts and encrypt data.

US media reports indicated that a disagreement with Facebook over the privacy of user data may have also been a factor in Koum’s decision to quit his position as a high-ranking executive and likely leave his seat on the board at the leading online social network.

 

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