Facebook is investigating to build up its own particular cryptocurrency like Bitcoin, as indicated by a Cheddar report. The organization’s blockchain group, which is being driven by previous PayPal official David Marcus, may utilize the currency to influence payments for Facebook’s 2-plus billion users.
Asked about the report, Facebook told Variety that it had a small group of people working on “exploring ways to leverage the power of blockchain technology,” adding that the team was exploring many different applications. “We don’t have anything further to share,” a spokesperson said.
Gossipy tidbits about Facebook’s virtual currency have been swirling for some time. In this year, CEO Mark Zuckerberg said he would examine cryptocurrency, and decentralizing innovations like blockchain as a feature of his intends to enhance Facebook.
Zuckerberg said, “There are important counter-trends to this – like encryption and cryptocurrency – that take power from centralized systems and put it back into people’s hands. “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.”
Facebook’s work on blockchain first ended up public not long ago in the midst of reports of a substantial inside revamping. Marcus had already driven the organization’s Messenger product, yet moved to lead its new blockchain group. He is being joined on that group by Instagram’s VP of product, Kevin Weil, who came to Facebook from Twitter two years back and was instrumental to the advancement of Instagram Stories.
Marcus remarked, “I’m setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch.”
The sources disclosed to Cheddar that it’s assumed Facebook will make acquisitions in the blockchain and cryptographic money space to build up its virtual cash. What’s more, it will take a while. Marcus disclosed to CNBC not long ago that as installments utilizing cryptographic money are costly and moderate right now, many issues should be settled before Facebook will do anything. With organizations like Google moving further into the blockchain space, Facebook needs to move quickly.