Facebook Is Planning To Launch Its Own Cryptocurrency

Facebook Cryptocurrency

Facebook, one of the biggest and currently the most controversial social media platform is reportedly planning to launch its own Cryptocurrency.

If reports are to be believed, later this year Facebook will introduce a cryptocurrency. It will allow WhatsApp users to send and receive money instantly. Although there is no official confirmation of the same, the people have already started talking about it.

The report added, not only Facebook, but Telegram and Signal are also on their way to roll out cryptocurrencies.

David Marcus (former Facebook Messenger head), announced, he will lead a blockchain group that will report to the company’s CTO.

He said, “After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge.”

“I’m setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch.”

This is not the first time Facebook is getting into virtual currencies, peer-to-peer payments, etc. Earlier also, Facebook got into these type of ventures like Facebook credits and Facebook Gifts.

In an interview with Harvard professor Jonathan Zittrain, Zuckerberg said, “I’m thinking about going back to decentralized or Blockchain authentication. Although I haven’t figured out a way to make this workout this is around authentication and basically granting access to your information and to different services.”

According to him, Blockchain could give users more powers when granting data access to third-party apps.

Since this was not confirmed. Facebook representative denied to comment on it but said the implementation of cryptocurrencies in Facebook is in the early days.

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