Social networking platform Facebook is currently looking to create its own cryptocurrency. According to a Cheddar report, people linked to Facebook mentioned that the Facebook cryptocurrency plan would facilitate users to make electronic payments around the world.
Facebook Cryptocurrency
Cheddar has also stated in their report that Facebook is “very serious about it”.
The report also noted that “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”.
Launching a Facebook cryptocurrency service with more than a billion users will enable them to make payments using the system familiar to Bitcoin.
David Marcus (VP of Facebook Messenger) also said in a post, “I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch”.
Blockchain is the ledger used by cryptocurrency services.
Facebook also mentioned in a statement that they are exploring ways. This new small team will be exploring many different applications. We don’t have anything further to share”.
Blockchain’s global spending is predicted to reach $2.1 billion (approximately Rs. 1,41,52.4 crore) in 2018. This is more than double of the $945 million recorded in 2017, according to International Data Corporation.
According to a Recode report, Facebook is setting up a team only for Blockchain technology. It is being reported that Marcus is also leaving his post to run the group.
The Blockchain team will be placed under CTO Mike Schroepfer’s “New platforms and infra”. He will also look after Facebook’s AR, VR, and AI initiatives.
Other Developments
The California-based company also announced at its annual F8 developer conference on 1st May 2018 that it will be adding a dating feature to its app. Facebook dating feature hasn’t come as a surprise to us, as the company seems to be expanding every day. With the introduction of dating apps everywhere, Zuckerberg seems to be placing his bet in a not so new territory.
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