According to a new report from Cheddar, Facebook is exploring the possibility of launching its own cryptocurrency. Facebook's cryptocurrency interest appears closer to becoming a reality, given Marcus' experience in the field of finance and cryptocurrencies.
Facebook started studying blockchain nearly a year ago, when a member of its corporate development team, Morgan Beller, began looking at how the social platform could use the emerging technology.
Facebook is now doing some critical research work in order to create its very own cryptocurrency. "We don't have anything farther to share with you". Reportedly joining Morgan Beller, a member of Facebook's development team, in researching blockchain is the company's vice president of Messenger, David Marcus, who will lead an expanded team.
Facebook has a tremendous amount of power and influence on the Internet, and with the sheer number of users and popularity, it's possible that Facebook's cryptocurrency could quickly top the market. Facebook (a social media giant) is investigating on developing its own digital currency which will give its users (over a billion across the globe) the opportunities to attain stress-free cross-border settlements and transactions.More news: UN nuclear watchdog's inspections chief quits after US withdrawal from Iran deal
The company has a 533 billion United States dollars market cap which is 140 billion USD bigger than the current digital currency market cap altogether.
The announcement isn't too surprising, considering Facebook just publicized their internal blockchain team.
He noted that the company has opted for blockchain technology to improve authentication and server infrastructure security, and perhaps even better manage customer data. Back in 2009, back when we were all carefully tending our Farmville crops, the social media network released 'Facebook Credits'.
Mr. Marcu, the company's new blockchain chief, is a former PayPal President and an early Bitcoin investor who was also appointed to the board of cryptocurrency exchange Coinbase last December. On the other hand, blockchain technology doesn't need an associated cryptocurrency to work so Facebook might employ the tech alone without creating its own token that could be used across its services.