If you are hoping to invest in the next Bitcoin, then you might as well keep an eye on Facebook. This may not sound a joke, as according to a Cheddar report, Facebook is looking into developing its own cryptocurrency similar to Bitcoin.
Earlier this week, FB announced that its head of Messenger, David Marcus, would spearhead a group researching potential uses of blockchain across Facebook’s platforms.
Facebook users could use the new “digital token” to buy and sell through the platform. The social network is also “exploring other ways” that it could use such a currency. The company is not interested in doing an initial coin offering (ICO), according to the report. ICOs have become a popular way for blockchain startups to raise funding directly from individual investors, but these sales have also come under scrutiny from regulators.
Currently, there isn’t too much detail, but the company is said to be specifically focused on using cryptocurrency specifically for facilitating payments on the platform, something that could be a pretty dramatic shift given FB’s huge user base and existing marketplace section of the site for buying and selling goods.
If FB would want to create a new currency, it would certainly make it easier for customers in different countries to buy and sell through the platform without extra conversion fees. It could also be a transaction resource for Facebook buyers in countries with more volatile currencies.
This announcement has been very surprising, since two months back, FB joined the band wagon of banning cryptocurrency based ads. Now Facebook planning to launch its own cryptocurrency provides to other cryptocurrencies in the market as well.
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