Economy

Facebook is reportedly thinking about launching its own cryptocurrency

Facebook is reportedly thinking about launching its own cryptocurrency”

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 making the leadership changes after a broad review of all the company's products and their privacy holes, sparked by the revelation in March of a data leak that exposed personal information on tens of millions of users.

It's not exactly news that Facebook has been investigating the potential uses for blockchain tech in their business.

And while cryptocurrency, a virtual token, doesn't always go hand-in-hand when a company creates a blockchain, the cryptocurrency could allow Facebook's users and advertisers to make electronic payments, sources familiar with the plans told Cheddar, a live streaming financial news network founded by Jon Steinberg.

This week Facebook announced that David Marcus, the developer for the Messenger app, would head a new team "explore how to best leverage blockchain across Facebook, starting from scratch". Marcus, who is no stranger to online payments, was once the president of PayPal (pypl) and he's also a board member of the Coinbase cryptocurrency trading service. This week's edition Recode reported that Facebook creates unit to study the technology of the blockchain. "We don't have anything further to share", the spokesperson said.

According to a report from Cheddar, Facebook will be the latest company to develop a virtual coin.

Facebook named new leaders for some of its main divisions, including the core social network, WhatsApp and Messenger, in the biggest management reshuffling since the company's founding.

The social network is also among online platforms that came under fire for being used to spread misinformation and foment division ahead of the USA presidential election in 2016. But the feature never gained traction, and Facebook shut it down two years later.

Marcus later shared a message on Facebook confirming the move.



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