Face­book may launch its own cryp­tocur­rency

This will al­low users to make pay­ments us­ing a vir­tual cur­rency like Bit­coin.

The Sunday Guardian - - Business - IANS

SAN FRAN­CISCO: Af­ter re­ports sur­faced that Face­book is cre­at­ing a new Blockchain group, fresh me­dia re­ports have claimed that the so­cial net­work­ing gi­ant is also ex­plor­ing the cre­ation of its own cryp­tocur­rency. Ac­cord­ing to the tech web­site Ched­dar, Face­book is “very se­ri­ous about it”.

How­ever, “peo­ple fa­mil­iar with the mat­ter said the so­cial net­work doesn’t have plans to hold a so­called initial coin of­fer­ing ( ICO) by of­fer­ing a lim­ited num­ber of vir­tual to­kens for the pub­lic to buy at a set price,” the re­port said late Fri­day.

Face­book has over two bil­lion users glob­ally and launch­ing cryp­tocur­rency will al­low them to make pay­ments us­ing a vir­tual cur­rency like Bit­coin.

“I’m set­ting up a small group to ex­plore how to best lever­age Blockchain across Face­book, start­ing from scratch,” David Mar­cus, cur­rently the ex­ec­u­tive in-charge of Face­book Mes­sen­ger, said in a post.

In a state­ment later, Face­book said, “Like many other com­pa­nies, Face­book is ex­plor­ing ways to lever­age the power of Blockchain tech­nol­ogy. This new small team will be ex­plor­ing many dif­fer­ent ap­pli­ca­tions. We don’t have any­thing fur­ther to share.”

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