Facebook might soon launch its own cryptocurrency

Facebook has been working to introduce blockchain technology to provide better leverage to its services. But now according to a report form Cheddar it has been reported that Facebook might soon launch its own cryptocurrency.

It would be a huge step by the Facebook as the cryptocurrency will be used to facilitate payments on its platform, and keeping in mind its huge user base it would be a huge shift from Facebook. For now there is not enough details on how the company will implement this technology or when it will be implemented.

Earlier it was reported that Facebook has created a blockchain team to look over the development of the technology as an integral part of Facebook and its services. The team is said to be led by David Marcus and he is the one overlooking the cryptocurrency plans.


Facebook released a statement to The Verge:

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.