Thursday, 24 May, 2018

Facebook Reportedly Considering Its Own Cryptocurrency

Facebook Facebook management leaves to launch blockchain
Wallace Pearson | 12 May, 2018, 14:22

Companies often shuffle executives to work on different products to bring a fresher perspective and to help the teams more easily identify problem areas. It is reported that Facebook began to study the technology of the blockchain about a year ago.

Another source familiar with the matter told FOX Business that despite the reports, it's wrong to assume the company is focusing on any "particular area" when it comes to cryptocurrencies or blockchain. "We don't have anything farther to share with you".

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

On March 11th, Facebook revealed to Cheddar that they are in the beginning phases of developing a new cryptocurrency, which is a virtual token that would allow its billions of users around the world to make electronic payments. Its Messenger is already being used businesses.

The new blockchain team would come under "New platforms and infra" run by Chief Technology Officer (CTO) Mike Schroepfer, who will also take care of Facebook's AR, VR and Artificial Intelligence initiatives. He knows much about cryptocurrency for the fact that he's an early Bitcoin investor, and to cap it all, in December, 2017, he joined the board of Coinbase. There is a range of possibilities of how the social media giant could introduce its digital currency.

Another Facebook executive said Facebook will possibly need to make "acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency". Facebook in the past offered Facebook Credits, a way to pay for games and other items electronically. Sources close to the company claim this secrecy is being practiced by design and is also the reason why blockchain has been left out of Facebook's recent product roadmaps despite the fact that it has been actively pursued by the company for over a year now. Marcus told CNBC in February that despite his interest in the blossoming technology, it won't play a roll in the platform anytime soon.

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