Facebook’s cryptocurrency could become a reality, to encourage and facilitate payments within the platform. Bitcoin’s fever may have subsided a bit but developments in blockchain technology continue. And at this rate, it looks like everyone will have their own cryptocurrencies.
Among the last ones to get on the train would be Facebook and there are already many clues pointing to it, according to some sources. The social network wants to get into this sector in a big way, offering electronic payments on its platform without having to depend on third parties.
That Facebook is investing in blockchain is no secret as, in fact, some members of the development team started researching how to implement this technology on the social network almost a year ago.
Facebook’s cryptocurrency is closer and closer to becoming a reality
Just this week, Facebook confirmed the importance of blockchain technology for its future, with the creation of a new development team led by the vice president of Facebook Messenger. This team, officially, has the role of exploring ways to develop and implement blockchain within the social network.
However, according to internal sources in the company, the team is serious and already has certain ideas on how to achieve this, and, supposedly, it will start with the creation of the Facebook’s cryptocurrency.
A Facebook cryptocurrency would be a virtual currency, which would allow us to pay without a credit card and it could be used in the Marketplace, the Facebook “flea market”, or for payments between users. The big question is what the value of this currency would be, and how users would get it.
By having its own cryptocurrency, Facebook would gain greater control over the transactions that take place on its network and would no longer depend on third parties for payments. But, the Facebook’s cryptocurrency is still far from being released any time soon.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.