Facebook Plans to Create Its Own Cryptocurrency

Facebook management leaves to launch blockchain

"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. The development comes days after reports surfaced online said that Facebook is setting up a blockchain and it's not a joke as technology website Cheddar reported that Facebook is very serious about it. The admission follows a report from Cheddar's Alex Heath that claimed that the company wanted to use cryptocurrency for making payments on its platform. "We don't have anything farther to share with you".

David Marcus, the head of Messenger for the past four years, is leaving that role to set up a group to explore how to use blockchain technology across Facebook, he said in a post on Facebook bit.ly/2FYpOp9.

You still shouldn't expect to make digital payments on Facebook or its other platforms for a while-perhaps years.

Marcus leads a team of less than a dozen Facebook employees working on blockchain. The business has produced long-time executive Chris Cox incharge of both Facebook, " Insta-gram, WhatsApp and Messenger - now referred to as a "category of apps". Facebook's cryptocurrency interest appears closer to becoming a reality, given Marcus' experience in the field of finance and cryptocurrencies. At the time of writing, Facebook's market cap is around $540 billion United States dollars according to ycharts, nearly $200 billion more than the market cap of the entire crypto space.

According to Cheddar, sources familiar with the matter told the outlet that the social media giant is now exploring creating its own virtual tokens.

According to experts, in the time ahead Facebook will make acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency. "This doesn't mean that Facebook will build its own cryptocurrency, but there are many ways that blockchain technology could be used that have nothing to do with cryptocurrencies, including encrypted data storage". In 2009, the company released Facebook Credits, which could be used to purchase virtual goods in popular games like Farmville.

Related news:

Hot News

isis-killer-beheading-video-story-top Eurovision bans China from airing final after censoring gay kiss
May 12, 2018 - 14:23
We've also got information about how to vote in the Eurovision Song Contest and information about this year's contestants.

isis-killer-beheading-video-story-top David Beckham Stars In New Trailer For Deadpool 2 Film
May 12, 2018 - 14:17
Surprisingly, one Twitter user even thinks that Deadpool 2 is better still than Marvel's epic blockbuster Avengers: Infinity War . The latest updates and spoilers for " Deadpool 2 " reveal a possible and impressive post-credits scene in the movie.

isis-killer-beheading-video-story-top Chris Paul is finally heading to the Western Conference Finals
May 12, 2018 - 14:15
All he did was register 28 points in 27 minutes as the Warriors outscored the Pelicans by 26 points during his time on the court. The offseason's Kyrie Irving trade made sure of that, and veteran sharpshooter Kyle Korver has become the Cavs' third option.

isis-killer-beheading-video-story-top Craig Young replaces Nathan Smith in Ireland squad for Pakistan Test
May 11, 2018 - 01:06
Young, 28, has played 13 one-day internationals and 15 Twenty20 Internationals for Ireland and made his global debut in 2014. Jokes apart, it was a sad day for Pakistan as a nation, so hopefully we'll get our own back by winning the Test.

isis-killer-beheading-video-story-top Barcelona player ratings: Blaugrana maintain unbeaten streak with El Clasico draw
May 11, 2018 - 01:00
Gerard Pique stepped on his ankle as he unsuccessfully tried to stop the Madrid forward from scoring from close range. The match was evenly poised and it seemed like both the teams were looking for something more than just a win.

isis-killer-beheading-video-story-top Britain apologizes "unreservedly" for kidnapping of Libyan
May 11, 2018 - 01:00
Mr Wright told the Commons all the claims had now been withdrawn as part of a full and final out-of-court settlement. UK Prime Minister Theresa May apologized on behalf of the British government to both Mr.

isis-killer-beheading-video-story-top Judge powers Yankees past Red Sox with late home run
May 11, 2018 - 00:59
When Masahiro Tanaka walked off the mound in the sixth inning the right-hander was in line for a third straight victory. Fans at a sold-out Yankee Stadium went wild in the eighth. "You can't hear anything in that situation", Judge said.

isis-killer-beheading-video-story-top Walmart's Flipkart buy rekindles hopes for relaxation of India's FDI rules
May 11, 2018 - 00:58
The company warned it expects the deal to reduce fiscal 2019 earnings by 25-30 cents per share if it closes in the second quarter. Other major investors, such as Tiger Global, Tencent and SoftBank , will all retain their shares in the company.

isis-killer-beheading-video-story-top Kratos can now take selfies in God of War with Photo Mode
May 10, 2018 - 14:11
Additionally, this new update increases the text size in all UI and Menus, and allows accessibility settings to remap Rage Mode. A new update for Sony Santa Monica's God of War introduces a fully-fledged photo mode for the critically acclaimed adventure.

isis-killer-beheading-video-story-top At least 27 dead after dam bursts in Kenya
May 10, 2018 - 14:09
In a statement to newsrooms, area Governor Lee Kinyanjui said 15 ambulances have been dispatched to the scene to evacuate victims. Rongai police boss Japheth Kioko on Thursday said 20 bodies had been recovered, with search and rescue operation ongoing.

Arab League Secretary Stresses Need to Review Iran Nuclear Deal
May 10, 2018 - 14:09
Speaking to CNN television, he said: "If Iran acquires nuclear capability we will do everything we can to do the same". President Trump's decision yesterday to "nix" the Iran Nuclear Deal was reckless.

isis-killer-beheading-video-story-top Disney teases possibility of more 'Avengers' movies
May 10, 2018 - 14:06
What Does It All Mean? But don't expect another installment that's as big as part one and two of Avengers: Infinity War are. The main point of the video is how Infinity War sets up the passing of the torch from old characters to new ones.

isis-killer-beheading-video-story-top ZTE on life support after United States export ban
May 10, 2018 - 14:06
The company says that it's working with the U.S. government to get the ban reversed, but there's no progress on that front so far. Chinese telecommunications giant ZTE is ceasing all "major operating activities" after being hit by sanctions from US regulators.

isis-killer-beheading-video-story-top David Wagner bemused by Cesc Fabregas' angry reaction to Chelsea draw
May 10, 2018 - 14:05
However with another match away at Newcastle to come on Sunday Conte has made a number of changes. And at this moment we are fifth and we must accept this'.

isis-killer-beheading-video-story-top Putin receives Russian Federation 2018 FAN ID in Sochi
May 10, 2018 - 14:04
Russian Federation selected 11 host cities to be the venues for the matches of the 2018 World Cup, they are Moscow, St. Petersburg, Sochi, Kazan, Saransk, Kaliningrad, Volgograd, Rostov-on-Don, Nizhny Novgorod, Yekaterinburg and Samara.