Facebook to start its own cryptocurrency?
Social media giant, Facebook, is looking to start its own cryptocurrency, say sources. This has come as a shock to crypto enthusiasts as Facebook had recently banned cryptocurrency and ICO ads of all formats!
According to sources, Facebook, which is undoubtedly the best social media platform, is exploring the cryptocurrency waters! According to Cheddar, Facebook is thinking about the benefits that it could have by introducing its own cryptocurrency.
Currently, Facebook’s market cap is $533 billion USD, which is about $135 billion USD more than the total cryptocurrency market cap. The Facebook blockchain team, which was recently announced, could be put into work for developing the alleged ‘Facebook cryptocurrency’.
SCOOP: Facebook is exploring the creation of its own cryptocurrency to facilitate digital payments for its two billion users.
— Cheddar (@cheddar) May 11, 2018
Alex Heath, who is a senior reporter for Cheddar, said
“Sources say that Facebook is specifically interested in creating its own digital token, which would allow its more than two billion users to facilitate transactions without government-backed currency. Facebook is also looking at other ways that it could use this core blockchain technology that underpins these popular cryptocurrencies like bitcoin and ethereum.”
The inclusion of David Marcus, who is a sitting member of the Coinbase board of directors, into the blockchain team points out that Facebook could be planning something related to cryptocurrencies. His experience in the digital payments firm makes him the perfect choice in case Facebook really wants to introduce a cryptocurrency.
Even if Facebook initiates its venture into this domain, the actual ‘product’ could surface into the markets only after a long long time, say critics.
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