Facebook Cryptocurrency Creation Plans May Be Here Sooner Than Realize

Facebook Cryptocurrency Creation Plans May Be Here Sooner Than Realize

Facebook Cryptocurrency Creation Plans May Be Here Sooner Than Realize

"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. Before being made VP for Facebook, he played an active role as president of Paypal.

Facebook is reportedly looking into making its own cryptocurrency, according to people familiar with the plans who spoke with Cheddar.

The social media giant is researching on creating its cryptocurrency which will give its billions of users around the word opportunities to achieve hassle free cross-border transaction and settlements.

Notably, in India Facebook is now staging beta test for its own payment product.

This news comes just days after Facebook's internal blockchain team went public. When asked if Facebook would be integrating cryptocurrency into its apps anytime soon, Marcus mentioned that he thinks cryptocurrencies have ample room to improve their effectiveness.

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In a statement later, Facebook said: "Like many other companies, Facebook is exploring ways to leverage the power of Blockchain technology".

Facebook has over two billion users globally and launching cryptocurrency will allow them to make payments using a virtual currency like Bitcoin. "This new small team will be exploring many different applications", a Facebook spokesperson told Cheddar, without elaborating on the matter or confirming its ambitions to launch a new cryptocurrency. "We don't have anything further to share".

The social network is also among online platforms that came under fire for being used to spread misinformation and foment division ahead of the U.S. presidential election in 2016.

Chris Cox, the chief product officer in charge of the flagship Facebook service, will now also oversee the widely used services Instagram, Messenger and WhatsApp, the company said. Earlier in 2009, it released Facebook Credits, which could be used to purchase virtual goods in popular games like Farmville.

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

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