Facebook Reportedly "Very Serious" About Launching Its Own Cryptocurrency

Facebook management leaves to launch blockchain

It only makes sense Zuckerberg will want to make sure everything will be done properly, before the worldwide launch.

We don't know too many details about the rumored currency, but Facebook has supposedly been looking into blockchain, the technology behind secure digital transactions, for the past year.

We'll keep our ear to the ground for further developments on Facebook's cryptocurrency plans, but it could be some time before these come to fruition.

"I am establishing a little group to explore the way you can best leverage Blockchain around face book, beginning scratch", David Marcus, now the executive incharge of face book Messenger, claimed at a post. He's also on the board of the cryptocurrency exchange Coinbase, one of the most popular exchanges in the world. Cheddar, a tech and business video news network, reports that the social network is "very serious" about creating a virtual coin in competition with cryptocurrencies.

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Marcus, who had previously been president of Paypal, is a very straightforward advocate of crypto money and this experience of digital payment company makes him an ideal choice for a potential step that Facebook will take in this space. At first, the team will have fewer than a dozen people, but it'll include key Instagram executives, Instagram's VP of Engineering, James Everingham, and Instagram's VP of Product, Kevin Weil. A digital currency would allow the company to run a more independent online marketplace, though developing one is likely to take years and multiple acquisitions, insiders believe. "I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services", he said. Now, Marcus and his team will be focusing on the blockchain's applications for Facebook.

News of Facebook's blockchain involvement follows statements from CEO Mark Zuckerberg made back in January where he made known his interest in starting to look into decentralizing technologies.

Facebook, the controversial social network, has already integrated payments and its Messenger platform.

A Facebook representative told Cheddar that Facebook is now exploring more ways to leverage the power of blockchain technology, just like many other companies these days.

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